Bank of India has raised Rs 1,800 crore Basel-III-compliant tier-II bonds on September 29 on a private placement basis. The 10-year tenure bonds with a 5-year call option had a base issue size of Rs 1,000 crore and carries a coupon rate of 7.14 percent. The issue was oversubscribed by two times.
Bank has also successfully concluded the QIP issue of Rs 2,550 crore during August 2021, and with this issuance of QIP (qualified institutional placement), the Government of India stake in the bank has reduced to 81.41 percent from 90.34 percent earlier.
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