Hyderabad/UNI: Bank of India (BoI) a leading public sector bank, on Wednesday announced it has raised Basel III compliant Tier II bonds of Rs.2,000 crores @ 7.88% p.a, 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 bank said in a release.
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 bank shall utilize the proceeds of this issue for its regular business activities.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.