BOI Raises Rs 1,000 Crore Through Basel III Bonds

By issuing bonds, compliant with Basel III standards, the government owned venture, Bank of India, has raised a humongous amount of Rs 1,000 crore. The tier-II bonds, rated AA plus by Brickwork and India Ratings, are likely to generate an interest rate of 8% per annum against the principal.

While, the globally accepted standards are expected to drive the Bank towards an improved capital base, and resort to restructuring of operations by January 2019. Known for complying with the global standards, since April 2013, the Indian bank is, however, likely to complete the implementation of the norms, two months after the globally agreed time frame, till March 2019.

The stock of Bank of India is trading at Rs 136.45, up by 0.85% on BSE, while it is trading at Rs 136.45 on NSE too, surging by 0.45%. Bank of India is currently trading at Rs 136.25, up by Rs 0.95 or 0.7% from its previous closing of Rs 135.3 on the BSE.

The scrip opened at Rs 137 and has touched a high and low of Rs 137.7 and Rs 135.2 respectively. So far 1883139(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 14270.02 crore.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 138.7 on 10-Feb-2017 and a 52 week low of Rs 78.6 on 25-May-2016. Last one week high and low of the scrip stood at Rs 136.4 and Rs 125.4 respectively.

The promoters holding in the company stood at 73.72 % while Institutions and Non-Institutions held 18.76 % and 7.52 % respectively. The stock is currently trading above its 50 DMA.

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