The Hindu Business Line : BoI to issue bonds

The board of directors of Bank of India has approved private placement of Tier-II capital and Upper Tier-II capital. The bank plans to raise Rs 600 crore through the placement of Tier-II capital through issue of unsecured, redeemable, non-convertible, subordinated bonds (Series X) and Rs 500 crore through the placement of upper Tier II capital by issue of bonds with a greenshoe option of Rs 500 crore to retain over subscription. The bank plans to augment the Tier II capital for strengthening the capital adequacy ratio and for improving the long-term resources of the bank. Bank of India scrip closed at Rs 99.55 on Tuesday compared to the previous close of Rs 98.25.

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