September 14, 2023: Bank of India, a number one public sector financial institution, has raised Basel III compliant Tier II bonds of Rs.2,000 crores @ 7.88% p.a, immediately by way of NSE’s Electronic Bidding Provider Platform. The financial institution obtained a complete of 83 bids amounting to Rs. 3,770 crores. Out of these, there have been 48 profitable bidders totaling Rs. 2,000 crores.
The Tier II capital is raised for augmenting the general capital of the Bank and for enhancing the long-term assets in accordance with RBI tips. The funds raised by the Bank by way of this situation usually are not meant for financing any explicit challenge. The Bank shall make the most of the proceeds of this situation for its common enterprise actions.