Bank of India raises ₹2,500 crore through bond issue

Bank of India said it has raised Basel III compliant Tier II bonds of ₹2,500 crore astatine 7.28% per annum done NSE Electronic Bidding Provider Platform.

The Base Issue size was ₹1,000 crore with Green Shoe enactment of ₹1,500 crore. 

The slope said it received full of 68 bids amounting to ₹4,982 crore. Out of this it accepted 29 bids amounting to ₹2,500 crore. 

The Tier II superior is raised for augmenting the wide superior of the Bank and for enhancing the agelong word resources successful accordance with the RBI guidelines.

“The funds raised done this contented is not meant for financing immoderate peculiar project,” the slope Sai’s adding it volition utilise the proceeds of this contented for its mean concern activities.