Bank of India successfully concluded its latest fund-raising exercise, receiving bids worth Rs 153.05 billion. The bank decided to accept Rs 100 billion at a cut-off coupon rate of 7.23% per annum. The strong response reflects investor confidence in the bank’s credit profile and stable financial outlook.
Bank of India has announced the results of its recent bond auction, which attracted robust investor interest. The auction received bids totaling Rs 153.05 billion, significantly oversubscribing the targeted amount. After evaluating the bids, the bank finalized acceptance of Rs 100 billion at a cut-off coupon rate of 7.23% per annum.
Key highlights from the announcement include
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Bank of India received bids worth Rs 153.05 billion in its bond auction.
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The bank accepted Rs 100 billion at a coupon rate of 7.23% per annum.
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The oversubscription highlights strong investor appetite for high-quality banking debt instruments.
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Funds raised will support the bank’s capital requirements and lending operations.
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The auction outcome reinforces Bank of India’s credibility in the debt market.
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Market analysts view the cut-off rate as competitive, balancing investor returns with the bank’s funding costs.
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The successful issuance adds momentum to the broader banking sector’s fund-raising activities.
This fund-raising exercise underscores the resilience of India’s banking sector, with Bank of India leveraging investor confidence to strengthen its capital base and support future growth.
Sources: Reuters, Economic Times Markets, Business Standard