Bank of India raises Rs. 2,000 Crores at 7.88% in Tier II Bond Offering!

September 14, 2023:BankofIndia, a number one public sectorfinancial institution, has raised Basel III compliantTierIIbonds ofRs.2,000crores@7.88% p.a, immediately by way of NSE’s Electronic Bidding Provider Platform. Thefinancial institutionobtained a complete of 83 bids amounting toRs. 3,770crores. Out of these, there have been 48 profitable bidders totalingRs. 2,000crores.

TheTierIIcapital is raised for augmenting the general capital of theBankand for enhancing the long-term assets in accordance with RBI tips. The funds raised by theBankby way of this situation usually are not meant for financing any explicit challenge. TheBankshall make the most of the proceeds of this situation for its common enterprise actions.