Bank of Baroda plans to raise Rs 2000 cr Tier II bonds by '08

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New Delhi, Nov 16 (UNI) State-run Bank of Baroda (BOB) Chairman A K Khandelwal today said the bank plans to raise Rs 2,000 crore Tier II bonds by March 2008.

Dr Khandelwal told newspersons here that the bank will divest half of its equity in UTI Asset Management Company (UTI AMC) when the mutual funds comes with its public offer this fiscal.

The BOB holds 25 per cent stake in UTI AMC. The LIC, SBI and PNB are the other stakeholders having 25 per cent equity each.

BOB Chairman also indicated that the bank could approach the government for a rights issue as and when it needs capital.

''The government has indicated that it might allow SBI to go for a rights issue. This has opened a new window for us,'' Dr Khandelwal said.

UNI

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