Bank of Baroda has raised Rs 2,500 crore recently through the issuance of Basel III Compliant Tier II Bonds Series XXV. The bank received a total of 88 bids amounting to Rs 6,803 crore against the base issue size of Rs 1,000 crore (which translates to 6.8 times of the base issue size) and a greenshoe option to retain oversubscription up to Rs 1,500 crore. The bank accepted bids for Rs 2,500 crore at a coupon of 7.75 per cent per annum, a statement from bank notified.
It also said that these bonds are unsecured, listed, rated, subordinated, non-convertible, taxable, redeemable having a tenor of 10 years from deemed date of allotment with a five-year call option.
The allotment of these bonds took place yesterday, the statement concluded.