Financial Daily from THE HINDU group of publications
Wednesday, Jan 07, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jan 07, 2004 |
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Money & Banking
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Public Sector Banks Bank of India tier-II bonds for Rs 350 cr Our Bureau
Mumbai , Jan 6 BANK of India (BoI) has become the fourth bank to float a tier-II bond issue in the last one week. The bank is on the verge of closing the Rs 350-crore issue at a coupon rate of about 5.88 per cent and tenor of 10 years. The bank aims to firm up its capital adequacy through this effort and will raise another Rs 200 crore later, said bank officials. The bank has sent a BSE notice today to this effect. Bank of India's capital adequacy was at 12.02 per cent as on March 2003 and the bank wants to maintain it above the 12 per cent mark this year also. Canara Bank and Bank of Baroda, both of which concluded tier II bond issues last week are finding it very attractive to float long term funds at this juncture. Syndicate Bank plans to raise Rs 100 crore.
More Stories on : Public Sector Banks | Corporate Bonds
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