Bank of India raises Rs 10,000 crore through infrastructure bonds at 7.23% coupon rate. Funds to be used for long-term infra projects.
New Delhi, Dec 23 (PTI) State-owned Bank of India on Tuesday said it has raised funds through issue of long-term infrastructure bonds of Rs 10,000 crore at a coupon rate of 7.23 per cent per annum.
The base issue size was Rs 5,000 crore with a green shoe option of Rs 5,000 crore, the bank said in a statement.
The bank received a total of 83 bids, amounting to Rs 15,305 crore. Out of this, the lender accepted 37 bids amounting to Rs 10,000 crore.
The funds raised through long-term bonds will be used for funding long-term projects in infrastructure sub-sectors and affordable housing in accordance with RBI guidelines, it said.
The funds raised by the bank through this issue is not meant for financing any particular project, it added.