Bank of India on Wednesday came out with the issue of Basel III Compliant Tier II Bonds amounting to Rs 2,000 Crore, the bank announced through an exchange filing. The bonds include a base size of Rs 1,000 crore and green shoe option of Rs 1,000 crore.
The bank in the regulatory filing said it has received a bid of Rs 3,770 crore from investors and the issue was subscribed by 3.77 times against the base issue size. It further added that the bank has decided to accept bids of Rs 2,000 crore at coupon rate of 7.88 per cent.
The bonds are non-convertible, taxable, subordinated, unsecured, fully paid-up Basel III compliant Tier II Bonds Series XVI in the nature of debentures. The allotment date is set for September 15, 2023.
The number of bids received were 83 while the number of bids accepted were 48. The EBP was the NSE Electronic Bidding Platform.