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.

IBNS • 14 Sept 2023, 03:31 am

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.