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Bank of India has raised Rs 1,000 crore through bonds that comply with Basel-III norms for capital adequacy.
It has said in a regulatory filing that “The bank has raised Rs 1,000 crore by issue of Basel-III compliant additional Tier-I bonds.”
It further said that they have been rated AA(-) by Brickwork and A+ by Crisil and bear a coupon rate of 11.50 percent.
The Basel-III Capital Regulations in India are being implemented since April 1, 2013 in a phased manner. Moreover the transitional period for full implementation of Basel-III Capital regulations in India is extended up to March 31, 2019.
