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Our Bureau

Mumbai, July 18 Bank of India’s issue of innovative perpetual debt instrument of Rs 200 crore, and a greenshoe of Rs 200 crore has been fully subscribed.

The capital will be used to augment the bank’s Tier-I capital, said a press release.

The issue opened for subscription on July 16, and received full subscription within hours of opening. The issue is now closed and the date of allotment has been fixed as July 27. The debt issuance has a coupon of 10.55 per cent and a call option at the end of 10 years. If the bank does not exercise the call option at the end of 10 years, the coupon rate will rise by 50 basis points. The issue has been rated “AA+” by Crisil and “LAA” by ICRA.

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