Three commercial bankers said that Bank of Baroda plans to raise at least Rs 5 billion ($62.52 million) by selling additional tier 1 perpetual bonds compliant with Basel III.

The state-owned bank had invited bankers and investors on Tuesday to bid for coupons and pledges, they said.
The bond is rated AA+ by ICRA and India Ratings. The issue will be closed for a subscription later this week.

It has call options at the end of five years and will also have greenshoe options to retain an additional Rs 20 billion.
Earlier this month, the bank raised Rs 10 billion by selling seven-year infrastructure bonds.