Bank of Baroda raises ₹3,500 crore through bonds  

Bank of Baroda has announced that it had raised ₹3,500 crore through issuance of Basel III compliant Tier II capital bonds. “The bank received a strong response from investors, which allowed it to price the issue at a very competitive coupon of 7.41% p.a,” the bank said in a statement.

It received a total of 120 bids amounting to ₹9,500 crore against the base issue size of ₹1,000 crore and a Greenshoe option to retain oversubscription up to ₹2,500 crore (total issue size of ₹3,500 crore).  This translates to oversubscription of 9.5 times of the base issue size and 2.7 times of the total issue size.  These bonds are unsecured, listed, rated, subordinated, non-convertible, taxable, redeemable having a tenor of 15 years from deemed date of allotment with a 10-year call option, the bank said.

Published - November 28, 2024 07:42 pm IST