You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Bank of India gains on raising Rs 1,800 cr via bonds

Capital Market 

Bank of India rose 2.07% to Rs 56.60 after the state-owned bank on Thursday said it has raised Rs 1,800 crore by issuing Basel III compliant Tier II bonds on a private placement basis.

The bank issued unsecured, subordinated, redeemable, non-convertible, taxable, fully paid-up Basel III compliant Tier II bonds in the nature of debentures of face value Rs 1 crore each.

The bonds carry coupon rate of 7.14% per annum. The issue opened and closed on 29 September 2021.

Bank of India is a public sector bank. The Government of India held 90.34% stake in Bank of India as on 30 June 2021.

The bank reported 14.7% fall in standalone net profit to Rs 720 crore on a 2% decline in total income to Rs 11,698.13 crore in Q1 FY22 over Q1 FY21.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, October 01 2021. 15:07 IST