Bank of India raises Rs 1,000 crore through bonds

State-run lender Bank of India (BoI) said that it has raised Rs 1,000 crore through bonds. The bonds would fetch a coupon rate of 8.48 per cent a year, it said.

State-run lender Bank of India (BoI) today said that it has raised Rs 1,000 crore through bonds.

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"The bank has raised Tier-II capital through issue of Upper Tier-II Capital Bonds of Rs 1,000 crore on June 11, 2010," BoI informed the Bombay Stock Exchange.

The bonds would fetch a coupon rate of 8.48 per cent a year, it said.

It will mature in 15 years but has a call option after 10 years, BoI added.

Bonds are a debt instrument issued for a period of more than one year with the purpose of raising capital by borrowing.