Jubilee Post News & Views
Bank of Baroda (Bank), one of India’s leading public sector banks, announced that it has raised Rs. 2,500 crore on 20th December, 2023 through the issuance of Basel III Compliant Tier II Bonds Series XXV.
The Bank received a total of 88 bids amounting to Rs. 6,803 crore against the base issue size of Rs. 1,000 crore (which translates to 6.8 times of the base issue size) and a Greenshoe option to retain oversubscription up to Rs. 1,500 crore.
The Bank accepted bids for Rs. 2,500 crore at a coupon of 7.75% p.a. These bonds are Unsecured, Listed, Rated, Subordinated, Non-Convertible, Taxable, Redeemable having a tenor of 10 years from deemed date of allotment with a 5-year call option.
The allotment of these bonds took place on 21st December, 2023.
