Bank of Baroda (BoB) today said it will raise Rs 3,500 crore by various debt instruments during the current financial year to fund its expansion plan.
The board of directors have approved a plan of raising debt capital of Rs 3,500 crore during the financial year 2009-10, in order to support the business expansion plans, the public sector lender said in a filing to the Bombay Stock Exchange.
"The bank would raise funds by way of innovative perpetual debt instruments (IPDI), perpetual non-cumulative preference shares (PNCPS) -- eligible to be reckoned as Tier-I capital -- or Upper/Lower Tier-II debt capital instruments -- eligible to be reckoned as Tier-II capital or a combination of both," the filing added.
Shares of Bank of Baroda today closed at Rs 433.20 on the BSE, up 0.88 per cent from its previous close.