Bank of India advanced 1.42% to Rs 85.70 after the public sector bank said that it has issued and allotted Basel III compliant additional Tier I bonds amounting to Rs 1,500 crore.
The base issue size is of Rs 500 crore and the green-shoe option is of Rs 1,000 crore, aggregating to Rs 1,500 crore.These non-convertible, taxable, unsecured, fully paidup Basel III compliant additional Tier 1 bonds series VIII in the nature of debentures having face value Rs 100 lakh each was allotted to seven investors on Friday, 2 December 2022.
The issue received total bids of Rs 6,367 crore as against an offer size of Rs 1,500 crore.
Bank of India is a public sector bank. The Government of India held 81.41% stake in the bank as on 30 September 2022. The PSU bank reported 8.7% decline in net profit to Rs 960 crore despite of 10.8% rise in total income to Rs 12,914.72 crore in Q2 FY23 over Q2 FY22.
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