Date:18/02/2005 URL: http://www.thehindubusinessline.com/2005/02/18/stories/2005021802230600.htm

Back BoI board clears notes programme

Our Bureau

Mumbai , Feb.17

BANK of India has obtained board approval to raise $1 billion through a medium-term notes programme and is expected to borrow its first tranche by April this year.

The funds will be used to further the bank's global expansion plans, officials said.

BoI also recently raised Rs 300 crore through a Tier-II issue. The tenor of the bonds was 111 months while the coupon was 7.1 per cent. The proceeds would be used to augment the bank's capital base, said an official.