Bank Of Baroda To Raise Up To Rs 5,000 Crore Via Bonds

The board of the Bank of Baroda has approved the bank's plans to raise additional capital of up to Rs 5,000 crore by selling bonds.

The capital will be raised via Additional Tier I or Tier II bonds with an interchangeability option in India and overseas, according to an exchange filing. The funds will be raised in suitable tranches up to March 31, 2024, or beyond if the bank finds it expedient.

Earlier in April, the bank's board of directors approved its plans to raise up to $3 billion through the issuance of certificates of deposits in single or multiple tranches, the bank noted in an exchange filing on April 21.

The board of directors had also approved raising funds through bilateral or other borrowings of up to $3 billion. The Bank of Baroda also plans to raise an additional $1 billion in foreign currency funding through the issuance of bonds under the bank's fundraising plan, as stated in the April exchange filing.