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.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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