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Bank of India Raises Rs 3,000 Crore via Basel-III Compliant Bonds

Public-sector lender Bank of India on Friday said it has raised Rs 3,000 crore by issuing Basel-III compliant Tier-II bonds.
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Bank of India Raises Rs 3,000 Crore via Basel-III Compliant Bonds
New Delhi: Public-sector lender Bank of India on Friday said it has raised Rs 3,000 crore by issuing Basel-III compliant Tier-II bonds.

The coupon rate on the bonds with a tenor of 10 years is fixed at 8.52 per cent.

"The bank has raised Rs 3,000 crore by issue of Basel-III compliant Tier-II bonds. The coupon rate is 8.52 per cent and tenor is 10 years," the bank said in a regulatory filing.

A Fitch Ratings report earlier this month had said that banks in India will need about $140 billion to ensure full compliance with the Basel-III norms by 2018-19.

The Basel-III capital regulation has been implemented from April 1, 2013, in phases, to be fully implemented by March 31, 2019.

Share of the bank on Friday closed at Rs 117.10 on BSE, up 1.87 per cent from the previous close.

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