Bank of India raises ₹5,000 cr via long-term bonds

Bank of India (BOI) has raised ₹5,000 crore from a long-term bond (infrastructure) issue on a private placement basis.

Bids amounting to ₹13,700 crore were received and the issue was oversubscribed by 6.85 times against the base issue size of ₹2,000 crore. It also had a green shoe option of ₹3,000 crore. The bank has decided to accept bids of ₹5,000 crore at coupon rate of 7.41% per annum, State-owned lender said in a filing on Wednesday.

The issue was an unsecured, subordinated, redeemable, non-convertible, taxable, listed, fully paid-up long term bonds (Infrastructure) in the nature of debentures of face value ₹1 lakh each and opened and closed on November 27. The deemed date of allotment is November 29.