Chandigarh, Dec 13: Bank of India, a leading Public Sector Bank, has raised Basel III compliant Tier II bonds of INR 2,500 crore 7.28% p.a, today through NSE Electronic Bidding Provider Platform. The Base Issue size was INR 1,000 crore with Green Shoe option of INR 1,500 crore. Bank received total of 68 bids amounting to INR 4,982 crore. Out of this, Bank accepted 29 bids amounting to INR 2,500 crore.
The Tier II capital is raised for augmenting the overall capital of the Bank and for enhancing the long term resources in accordance with the RBI guidelines. The funds raised by the Bank through this issue is not meant for financing any particular project. The Bank shall utilize the proceeds of this issue for its normal business activities.