Bank of India raises Rs. 1,500 crore capital via AT1 bond, oversubscribed by 12 times

On 01.12.2022, Bank of India (BoI) has raised Rs 1,500 crore through Basel compliant Additional Tier 1 (AT-1) bonds (base issue: Rs. 500 crore & green-shoe option: Rs. 1000 crore). The rating assigned to these AT-1 Bonds by CRISIL is 'AA Stable' and 'AA Positive' by Acuité Rating.

BoI announced on 01.12.2022, that it has raised AT-1 Bond of Rs. 1,500 crore at a coupon rate of 8.57% p.a.

The said issue received overwhelming response from bidders by way of bids of a whopping Rs. 6,367 crore (by 47 active bidders) which was 12 times of the base issue size.

The purpose of such capital raising is towards regulatory and growth capital requirements.

Shares of Bank of India was last trading in BSE at Rs. 83.10 as compared to the previous close of Rs. 82.25. The total number of shares traded during the day was 1181625 in over 4243 trades.

The stock hit an intraday high of Rs. 84.00 and intraday low of 80.20. The net turnover during the day was Rs. 96890591.00.

Source : Equity Bulls

Keywords

BankofIndia INE084A01016 BoI FundRaising AT1Bonds