Public-sector lender Bank of India on Friday said it has raised Rs. 3,000 crore by issuing Basel-III compliant Tier-II bonds.
The coupon rate on the bonds with a tenor of 10 years is fixed at 8.52 per cent.
“The bank has raised Rs. 3,000 crore by issue of Basel-III compliant Tier-II bonds. The coupon rate is 8.52 per cent and tenor is 10 years,” the bank said in a regulatory filing.
A Fitch Ratings report earlier this month had said that banks in India will need about $140 billion to ensure full compliance with the Basel-III norms by 2018-19.
The Basel-III capital regulation has been implemented from April 1, 2013, in phases, to be fully implemented by March 31, 2019.
