BOI raises Rs 2,000 cr at 7.88 pc in Tier II Bond Offering
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.
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