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BOI Rises on Allotment of 1,500 Crore Bonds

Bank of India shares jumped 3% in early morning trade on July 31.

After the public sector bank issued and allotted Basel III complaint, additional Tier I bonds amounting to Rs 1,500 crore. Bank of India (BOI) reported at 1.42% to Rs 85.70 

The size of the issue is Rs 500 crore, and the green-shoe option is Rs 1,000 crore, aggregating to Rs 1,500 crore. These non-convertible, unsecured, taxable, fully paid-up Basel III compliant additional Tier 1 bonds series VIII like debentures having face value Rs 100 lakh each, allotted to seven investors on 2 December 2022. In comparison, the issue received total bids of Rs 6,367 crore with an offer of Rs 1,500 crore.

It is a public sector bank, so the Government of India held an 81.41% stake in BOI in the second quarter of FY23. On a consolidated basis, the net profit of PSU bank has reported an 8.7 per cent decline in net profit to Rs 960 crore of 10.8% rise in total income to Rs 12,914.72 crore in the second quarter of FY23 over the second quarter of FY22.

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