- News>
- Finance & Markets
BoB to raise Rs 300 cr for Tier-II cap, open OBU on Oct 21
Mumbai, Oct 13: Bank of Baroda (BoB) proposes to raise rs 300 crore through unsecured non-convertible subordinated bonds as Tier II capital even as the bank is to open its offshore banking unit (OBU) in the city on October 21.
Mumbai, Oct 13: Bank of Baroda (BoB) proposes to raise rs 300 crore through unsecured non-convertible subordinated bonds as Tier II capital even as the bank is to open its offshore banking unit (OBU) in the city on October 21.
The bank proposes to issue bonds privately to raise Rs 300 crore with an option to retain over subscription of the same amount, BoB informed the stock exchange, Mumbai, today.
The amount would be raised to meet the expansion programmes of the bank, it added.
Referring to OBU, it said the bank chairman and managing director P S Shenoy would inaugurate the unit on October 21.
The OBU would be mainly engaged in wholesale foreign currency resources raising and deployment thereof with a focus on the requirements of units located in the special economic zone and would provide foreign currency finance to 100 per cent export oriented units. Bureau Report
The amount would be raised to meet the expansion programmes of the bank, it added.
Referring to OBU, it said the bank chairman and managing director P S Shenoy would inaugurate the unit on October 21.
The OBU would be mainly engaged in wholesale foreign currency resources raising and deployment thereof with a focus on the requirements of units located in the special economic zone and would provide foreign currency finance to 100 per cent export oriented units. Bureau Report