Bank of India Raises Rs.2,690 Crore through 10-Year Infrastructure Bonds at 7.50% p.a
Bank of India, a leading Public Sector Bank, has raised 10 years Infrastructure Bonds of Rs.2,690 crore @ 7.50% p.a, today through NSE Electronic Bidding Platform. The Base Issue size was Rs.1,500 crore with Green Shoe option of Rs.3,500 crore. Bank received total of 94 bids amounting to Rs.8,845 crore, 5.90 times of the Base issue size. Bank accepted bids at cut-off coupon of 7.50% of Rs.2,690 crore. There were 26 successful bids.
The funds raised through Long Term Bonds will be used for funding long term projects in infrastructure sub-sectors and affordable housing in accordance with RBI guidelines. The funds raised by the Bank through this issue is not meant for financing any particular project.
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