Bank of India raises Rs 750 cr by issuing bonds

State-run Bank of India on Wednesday said it has raised Rs 750 crore by issuing Basel III compliant bonds.

“Bank of India has raised Rs 750 crore via Basel III compliant additional tier 1 (AT-1) bonds on January 27, 2021 on private placement basis,” the bank said in a release.

The issue was over-subscribed with receipt of bids of up to Rs 1,017 crore against the issue size of Rs 750 crore.

The coupon on the bonds was 9.04 per cent for five years and it carries a call option, it added.

Stock of Bank of India closed 2.97 per cent down at Rs 49 apiece on BSE.

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