Bank of India raises ₹2,500 crore at 7.49%

Bank of India has raised Basel III compliant Tier II bonds of ₹2,500 crore at 7.49% per annum through NSE Electronic Bidding Provider Platform. 

“The Base Issue size was ₹1,000 crore with Green Shoe option of ₹1,500 crore. Bank received total of 76 bids amounting to ₹6,046 crore. Out of this, bonds were allotted to 42 bidders amounting to ₹2,500 crore,” the bank said in a statement.  

The Tier II capital is raised for augmenting the overall capital of the bank and for enhancing the long term resources in accordance with the RBI guidelines, the bank said adding proceeds of this issue will be utilised for its normal business activities.

Published - September 25, 2024 10:00 pm IST