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

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.

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