Bank of Baroda planning to raise Rs 5 billion through perpetual bonds
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MUMBAI (Reuters) - India's Bank of Baroda plans to raise at least 5 billion rupees ($62.52 million) through sale of Basel III compliant additional Tier I perpetual bonds, three merchant bankers said on Monday.
The state-run lender has invited coupon and commitment bids from bankers and investors on Tuesday, they said.
The bonds are rated AA+ by ICRA and India Ratings.
The issue will close for subscription later this week.
It has a call option at end of five years, and will also have a greenshoe option to retain an additional 20 billion rupees.
Earlier this month, the bank had raised 10 billion rupees through sale of infrastructure bonds maturing in seven years.
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