Bank of India raises Rs. 2,000 Crores at 7.88% in Tier II Bond Offering
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Bank of India, a leading public sector bank, has raised Basel III compliant Tier II bonds of Rs.2,000 crores @ 7.88% p.a, today through NSE’s Electronic Bidding Provider Platform. The bank received a total of 83 bids amounting to Rs. 3,770 crores. Out of these, there were 48 successful bidders totaling Rs. 2,000 crores.
The Tier II capital is raised for augmenting the overall capital of the Bank and for enhancing the long-term resources in accordance with RBI guidelines. The funds raised by the Bank through this issue are not meant for financing any particular project. The Bank shall utilize the proceeds of this issue for its regular business activities
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