Bank of India raises 3k cr via bonds

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.