Bank of India Raises ₹10,000 Cr via Infra Bonds

State-owned Bank of India on Tuesday said it has raised funds through issue of long-term infrastructure bonds of ₹10,000 crore at a coupon rate of 7.23% per annum.

The base issue size was ₹5,000 crore with a green shoe option of ₹5,000 crore, the bank said in a statement.

The bank received a total of 83 bids, amounting to ₹15,305 crore. Out of this, the lender accepted 37 bids amounting to ₹10,000 crore.

The funds raised through long-term bonds will be used for funding long-term projects in infrastructure sub-sectors and affordable housing in accordance with RBI guidelines, it said.

The funds raised by the bank through this issue is not meant for financing any particular project, it added.