New Delhi, Jan 27 (PTI) State-run Bank of India on Wednesday said it has raised Rs 750 crore by issuing Basel III compliant bonds.

"Bank of India has raised Rs 750 crore via Basel III compliant additional tier 1 (AT-1) bonds on January 27, 2021 on private placement basis," the bank said in a release.

The issue was over-subscribed with receipt of bids of up to Rs 1,017 crore against the issue size of Rs 750 crore.

The coupon on the bonds was 9.04 per cent for five years and it carries a call option, it added.

Stock of Bank of India closed 2.97 per cent down at Rs 49 apiece on BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)