Bank of India to raise bond worth of $750 million in overseas market

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Bank of India on Tuesday opened its bond issue to raise $750 million (about Rs 4,750 crore) under its medium-term notes (MTN) programme.

“Bank of India (BoI) is opening its bond issue under MTN programme in overseas market. The size of issue is $750 million and the bonds will be issued with tenor of five years,” the Bank said in a BSE filing.

In February this year, Bank of India deferred its plans to raise $750 million in foreign currency loan under its MTN programme due to enough liquidity on slow credit growth.

The bank has a board approval to raise $5 billion through MTN beginning 2005 and has so far raised $2.5 billion.

Last November, BoI had said it was in the initial stages of raising $750 million via MTN programme and might do so in the fourth quarter of the fiscal.

Shares of Bank of India were trading at Rs 213.15 apiece, up 1.36 per cent on the BSE.

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