New Delhi | Public sector lender Bank of India today said it has raised Rs 3,000 crore by issuing Basel-III complaint tier-II bonds. The coupon rate on the bonds with a tenor of 10 years is fixed at 8.52 per cent. Bank has raised Rs 3,000 crore by issue of Basel-III complaint 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 USD 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. Share of the bank today closed at Rs 117.10 on BSE, up 1.87 per cent from the previous close.