MENU

Published on 29/08/2022 9:36:28 AM | Source: Reuters

Bank of Baroda to issue perpetual bonds -traders

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel  https://t.me/InvestmentGuruIndia 

Download Telegram App before Joining the Channel

India's Bank of Baroda plans to raise at least 5 billion rupees ($62.52 million) through sale of Basel III compliant additional Tier I perpetual bonds, three merchant bankers said on Monday.

The state-run lender has invited coupon and commitment bids from bankers and investors on Tuesday, they said.

The bonds are rated AA+ by ICRA and India Ratings.

The issue will close for subscription later this week.

It has a call option at end of five years, and will also have a greenshoe option to retain an additional 20 billion rupees.

Earlier this month, the bank had raised 10 billion rupees through sale of infrastructure bonds maturing in seven years.