The bank has decided to accept bids worth ₹5,000 crore at a coupon rate of 7.41% per annum. A total of 5 lakh bonds, each with a face value of ₹1 lakh, will be issued. The bonds are unsecured, subordinated, redeemable, non-convertible, taxable, and listed.
The issue opened and closed today, November 27, 2024, with the deemed date of allotment set for November 29, 2024. The bidding process took place on the NSE Electronic Bidding Platform, with 97 bids received and 43 bids accepted.
This issuance is part of the bank’s ongoing efforts to raise capital to support its infrastructure financing activities, it said in a statement to stock exchanges.
Bank of India reported a 62.8% year-on-year increase in net profit for the second quarter ended September 30, 2024 on higher non-interest income. The profit during the period reached ₹2,373.7 crore, up from ₹1,458.4 crore in the same period last year.
The public sector bank’s Net Interest Income (NII) grew by 4.3%, rising to ₹5,985.2 crore, compared to ₹5,739.5 crore in Q2 FY2023.
In terms of asset quality, the bank reported a decrease in both gross and net Non-Performing Assets (NPA), reflecting the bank’s continued recovery and strengthening balance sheet amid a challenging economic environment.
Shares of Bank of India closed at ₹111.55 , up 3.5 per cent over previous close on BSE.
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