Bank of India raises ₹2,000 crores in Tier II bond offering at 7.88% PA
₹2,000 crores at 7.88 percent per annum. Informing about the updates, the PSB issued a press release saying the fundraising was done through NSE’s Electronic Bidding Provider Platform.
Informing more, the BoI said that it received a total of 83 bids amounting to ₹3,770 crores. "The bank received a total of 83 bids amounting to ₹3,770 crores.
Out of these, there were 48 successful bidders totaling ₹2,000 crores," the BoI said. As per details, the Tier II capital is raised for augmenting the overall capital of the Bank and for enhancing the long-term resources by RBI guidelines.
The funding raised by the lender through this issue is not meant for financing any particular project and instead, it should utilize the proceeds of this issue for its regular business activities. This is a developing story, it will be updated soon.
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