Bank of India Raises Capital through Private Placement of Innovative Perpetual Debt Instruments

Bank of India has announced the details of Private Placement made by the Bank are as follows:

- Name of the Instrument: Innovative Perpetual Debt Instruments - Series I

- Credit Rating: AA+(stable) from CRISIL, LAA (Positive) from ICRA

- Amount: Rs 200 crore with a green shoe option of Rs 200 crore aggregating Rs 400 crore

- Mode of Raising: Private Placement

- Issue Opening Date: July 16, 2007

- Issue of Closing Date: July 17, 2007

- Deemed date of Allotment: July 27, 2007

- Face Value per Bond: Rs 10,00,000/- each

- Coupon Rate: 10.55% p.a. upto 10 years and 11.05% p.a. after 10 years (if call option not exercised)

- Interest Payment Date: 1st April every year

- Tenure: Perpetual

- Put Option: NIL

- Call Option: After 10 years

- Listing: Wholesale debt market segment of National Stock Exchange of India Ltd.

Source : Equity Bulls

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