Mumbai: On Thursday, the Bank of India, which is government-owned, announced that it has collected Rs 5,000 crore by issuing long-term infrastructure bonds.
As per a statement, the bank obtained the funds at a 7.54 percent coupon rate via the NSE Electronic Bidding Platform. It was stated that the money raised will be utilized to finance long-term projects in infrastructure sub-sectors and affordable housing. It was clarified that they are not intended for funding a specific project.
According to the statement, the initial issue size was Rs 2,000 crore, with the option to hold extra subscriptions of up to Rs 3,000 crore. There were 127 bids totaling Rs 15,318 crore received, with 57 successful bidders totaling Rs 5,000 crore. The funding from the country's largest lender, SBI, follows closely after raising an additional Rs 10,000 crore through infrastructure bonds.
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