The Hindu Business Line : BoI plans to raise $ 250 m overseas

Bank of India (BoI) is preparing decks for another round of overseas fund-raising exercise for a minimum amount of $ 250-million. It has applied for RBI approval for the issue and expects anod shortly so as to tap the global market at the earliest, according to the BoI Chairman and Managing Director, Mr M. Balachandran.

The bank hadrecently raised the first tranche of $ 250-million under medium term note (MTN) programme of $ 1-billion for its international operations, he told newspersons here on Friday on the sidelines of the Asian Development Bank (ADB) general meeting of board of governors.

"Subsequent tranches may be raised by way of innovative tier-I and/or upper tier-II instruments in international markets after receipt of regulatory approvals," Mr Balachandran said. However, he ruled out the possibility of the Government reducing its holding in the bank from the existing level of 69 per cent and the bank coming out with a follow-on public offer at least in the near future.

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