Bank of Baroda Raises Rs 2,500 Cr via Tier-II Bonds

New Delhi, Feb 22 (PTI) State-owned Bank of Baroda (BoB) on Thursday said it has raised Rs 2,500 crore through bonds to fund business growth.

The fund raised through the issuance of Basel III Compliant Tier-II Bonds Series XXVI and the bank received a strong response from investors, which allowed it to price the issue at a very competitive coupon rate of 7.57 per cent, BoB said in a statement.

These bonds are unsecured, listed, rated, subordinated, non-convertible, taxable, redeemable having a tenor of 10 years from deemed date of allotment with a 5-year call option, it said.

The bidding for the bonds took place on Wednesday while the allotment was done on Thursday, as per the statement.