The Hindu Business Line : BoI to raise Rs 750 cr as Tier II capital

BANK of India will raise Rs 750 crore to augment its Tier-II capital by way of private placement of unsecured redeemable non-convertible subordinated bonds, according to a filing with the Bombay Stock Exchange.

The bank will make the private placement of the bonds with a greenshoe option of Rs 250 crore. The bank will use the funds to meets its expanding credit requirements, capital adequacy requirements in line with the Basel II norms and to repay the earlier Tier-II capital.

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