Bank of Baroda has raised Rs 2,474 crore by issuing bonds at the rate of 7.88 percent through stock exchanges. The bank allotted a total of 2,474 unsecured Basel III additional tier I perpetual non-convertible bonds, valuing Rs 1 crore each on Friday.
Perpetual bonds carry no maturity date and they can be treated as equity rather than debt.
Even as such
bonds are not redeemable, they pay a steady flow of interest forever. The bonds are rated AAA with stable outlook by Icra and India Ratings, the bank said in a regulatory filing.
