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Mumbai, Sept. 10 Bank of India has announced an issue of Innovative Perpetual Debt Instrument bond series II with a view to increasing Tier I capital. The issue will carry a coupon of 10.45 per cent per annum with a step-up coupon rate of 10.95 per cent for all the subsequent years if the call option is not exercised at the end of 10th year from the deemed date of allotment, said a press release from the bank.

The issue for Rs 100 crore will open for subscription on September 10 and will remain open till September 25. It might be closed earlier at the discretion of the bank upon receipt of full subscription. The deemed date of allotment will be five working days from the date of closure of the issue.

The bank had earlier issued IPDI – Bonds Series I of Rs 400 cr in July at a coupon of 10.55 per cent per annum with a call option at the end of 10 years.

More Stories on : Public Sector Banks | Corporate Bonds

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