BoI plans to raise up to Rs 3,000 cr via tier-II bonds

However, the bank did not elaborate on usage of proceeds

Public lender Bank of India (BoI) today said it will raise up to Rs 3,000 crore by issuing tier-II bonds.

"The bank intends to issue unsecured, non-convertible, redeemable, Basel III-compliant tier-II bonds for an amount of Rs 1,500 crore with a green-shoe option of Rs 1,500 crore at an appropriate time," the bank said in a filing to BSE.

However, BoI did not elaborate on usage of proceeds.

Shares of the bank traded at Rs 117.45 apiece on BSE, up 0.86 per cent.