Bank of India shares plunges despite lender raised Rs 2,690 crore via 10-year infra bonds
The funds raised by the bank through this issue are not meant for financing any particular project.
Bank of India shares plunges despite lender raised Rs 2,690 crore via 10 year infra bonds
Public sector lender, Bank of India’s shares are witnessing continuous decline despite the lender gives announcement that it had raised Rs 2,690 crore through 10-year infrastructure bonds at a coupon rate of 7.50% per annum.
The bond issuance, conducted via the NSE Electronic Bidding Platform, saw strong investor interest, attracting bids worth Rs.8,845 crore, nearly 5.9 times the base issue size of Rs.1,500 crore. The bank accepted 26 successful bids at the cut-off rate of 7.50%.
The public sector bank said the funds raised through these long-term bonds will be used for funding long-term projects in infrastructure sub-sectors and affordable housing under the Reserve Bank of India’s (RBI) guidelines.
The funds raised by the bank through this issue are not meant for financing any particular project.
Shares of the bank were trading at Rs 97.30 per share on BSE, falling 1.92%.
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