The Bank of Baroda stock is trading higher by 2.1% to Rs 97.05 after the Capital Raising Committee of the bank approved issuance of Basel III Compliant Additional Tier I Bonds.
Meanwhile, the S&P BSE Sensex was up 165 points or 0.44% to 37,659.10.
On the BSE, 2.93 lakh shares were traded in the counter so far compared with average daily volumes of 14.94 lakh shares in the past two weeks. The stock hit an intraday low of Rs 98.15 and an intraday low of Rs 96.6. The stock hit a 52-week high of Rs 156.25 on 3 September 2018 and hit a 52-week low of Rs 89.75 on 22 August 2019.
The Capital Raising Committee of Bank of Baroda has approved issuance of Basel III Compliant Additional Tier I Bonds for aggregate total issue size not exceeding Rs 1650 crore, with a base issue size of Rs. 500 crore and a Green Shoe Option to retain oversubscription up to Rs 1150 crore. The Committee also approved issuance of Basel III Compliant Tier II Capital Bonds for aggregate total issue size not exceeding Rs 500 crore, with a base issue size of Rs 250 crore and a Green Shoe Option to retain oversubscription up to Rs 250 crore. The announcement was made after market hours yesterday, 26 August 2019.
Bank of Baroda is a leading state-run bank. The Government of India holds 69.23% stake in the bank as on 30 June 2019.
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