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Bank of India raises Rs 1,000 cr to strengthen tier-I capital

Press Trust of India  |  New Delhi 

State-owned of has raised Rs 1,000 crore by issuing Basel III-compliant additional tier-I bonds.

"The has raised Rs 1,000 crore by issue of Basel III compliant additional tier-I bonds on March 15, 2017," it said in a regulatory filing.

Bondholders will get a yield of 9.95 per cent per annum.

The bonds are rated AA(-) by Brickwork and A+ by

In view of implementation of global standard Basel III Capital Regulations, banks need to improve and strengthen their capital planning processes.

The norms are being implemented to mitigate concerns on potential stresses on asset quality and consequential impact on performance and profitability of banks.

Being implemented in phases since April 1, 2013, is expected to fully implement Basel III standards by March 2019.

This will align full implementation of Basel III in closer to the internationally agreed date of January 1, 2019.

of India closed 1.69 per cent up at Rs 126.30 on

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

First Published: Wed, March 15 2017. 19:43 IST