BoI considers private placement of tier II cap at Rs 600 cr

New Delhi, Jul 11 (UNI) Bank of India today said will consider private placement of Tier II Capital by the issue of Unsecured, Redeemable, Non-Convertible, Subordinated Bonds (Series X) for Rs 600 crore.

Further, the bank's Board of Directors will also look into private placement of Upper Tier II capital by issue of bonds to the extent of Rs 500 crore with a green shoe option of Rs 500 crore.

This, the bank will consider, to retain over subscription to further augment the Tier II capital, and for strengthening the Capital Adequacy Ratio and for improving the long term resources of the Bank.

UNI RA DKS HT1955