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BoB raises Tier-II capital

MUMBAI JAN. 3. Bank of Baroda has raised Rs. 300 crores as Tier-II capital through the issuance of bonds on private a placement basis at 5.85 per cent per annum. The tenure of the unsecured, non-convertible, redeemable subordinate bonds was 126 months, a bank release said here today.

The capital was raised through the Tier-II bonds after looking into the prospective business growth in the coming years. This would help the bank in going aggressive on credit offtake front and massive retail spurt in current fiscal. The bonds have been rated LAAA by ICRA and AAA by Fitch.

Prior to this, the bank had tapped the market with a Rs. 600 crore-bond issue in 2001. — PTI

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