Bank of India Raises Rs 2,000 Crore

State-owned Bank of India on Wednesday said it has raised Rs 2,000 crore through tier II bonds at a coupon rate of 7.88 per cent. The amount was mopped up on the electronic bidding platform of the NSE, the bank said in a statement.

The bank said it received 83 bids worth Rs 3,770 crore against the Rs 2,000 crore offer.

The money will be used to augment the overall capital of the lender and enhance the long-term resources in accordance with the Reserve Bank of India guidelines, it said.

The amount will not be used to finance any particular project, the lender added.