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Bank of Baroda plans to raise Rs 15,000 cr through bonds

Bank of Baroda plans to raise Rs 15,000 cr through bonds

| @indiablooms | 19 Nov 2023, 09:48 pm

Mumbai: Bank of Baroda’s board of directors has resolved to raise Rs 5,000 crore by issuing tier-II bonds and an additional Rs 10,000 crore through infrastructure bonds.

Bank of Baroda’s regulatory filing read: “The capital raising committee of the bank in its meeting held on Saturday has approved the issuance of Rs 2,000 crore tier II/sub-debt bond with the greenshoe option to raise another Rs 3,000 crore totalling Rs 5,000 crore (10 years with a call option at the end of five years.”

It added: “The bank has further decided to issue infrastructure bonds amounting to Rs 2,000 crore with a greenshoe option to raise an additional Rs 8,000 crore totalling the issue size of Rs 10,000 crore (tenure up to seven years).”

On November 4, Bank of Baroda announced a net profit of Rs 4,252.89 crore for the September quarter of the fiscal year 2023-24, up 28.3 percent compared to the same period last year.

The bank’s asset quality and a robust expansion in core income led to the significant growth.

The bank's net interest income (NII) experienced a substantial year-on-year growth of 6.4 percent, reaching Rs 10,831 crore.

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