Kolkata/IBNS, Dec. 11 -- Bank of India, a leading Public Sector Bank, has raised Basel III compliant Tier II bonds of Rs. 2,500 crore @ 7.28% p.a, on Wednesday through NSE Electronic Bidding Provider Platform.

Out of this, the Bank accepted 29 bids amounting to Rs. 2,500 crore.

The Tier II capital is raised for augmenting the overall capital of the Bank and for enhancing the long term resources in accordance with the RBI guidelines.

The funds raised by the Bank through this issue is not meant for financing any particular project. The Bank shall utilize the proceeds of this issue for its normal business activities.

Published by HT Digital Content Services with permission from India Blooms....