Bank of India raises 3k cr via bonds

Bank of India raises 3k cr via bonds
Highlights

Public sector lender Bank of India on Friday said it has raised Rs 3,000 crore by issuing Basel-III compliant tier-II bonds.The coupon rate on the bonds with a tenor of 10 years is fixed at 8.52 per cent.

New Delhi: Public sector lender Bank of India on Friday said it has raised Rs 3,000 crore by issuing Basel-III compliant tier-II bonds.The coupon rate on the bonds with a tenor of 10 years is fixed at 8.52 per cent.

“Bank has raised Rs. 3,000 crore by issue of Basel-III compliant tier-II bonds. The coupon rate is 8.52 per cent and tenor is 10 years,” the bank said in statement. A Fitch Ratings report earlier this month had said banks in India will need about $140 billion to ensure full compliance with the Basel-III norms by 2018-19.

The Basel-III capital regulation has been implemented from April 1, 2013 in phases, to be fully implemented by March 31, 2019.
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