Bank of India (BoI) on Wednesday raised ₹2,000 crore via Basel-III compliant tier-II bonds at 7.88 per cent coupon rate through NSE’s Electronic Bidding Platform.
The public sector bank, in a statement, said it received a total of 83 bids amounting to ₹3,770 crore. Out of these, the bank accepted 48 bids totalling ₹2,000 crore.
Tier-II capital has been raised for augmenting the overall capital of the Bank and for enhancing the long-term resources in accordance with RBI guidelines, per BoI’s statement.
“The funds raised by the Bank through this issue are not meant for financing any particular project. The Bank shall utilise the proceeds of this issue for its regular business activities” the bank said.