Bank of India on Monday announced that the bank has decided to exercise call option on Tier II Bonds Series XIII and declare 6 June as the record date for this purpose.
The bonds were issued on 7 July 2016 and carry a coupon rate of 8.57% per annum, payable annually with call option on 7 July 2021.
Upon payment of broken period interest and call option amount (Principal), by the bank on 7 July 2021, to the holders of the bonds, the bank's liability to the bondholders towards all their right including for the payment or otherwise shall be ceased and stand extinguished.
Shares of Bank of India were trading 0.44% higher at Rs 79.25 on BSE.
Bank of India is a public sector bank. The Government of India held 89.10% stake in Bank of India as on 31 March 2021.
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