Bank of Baroda has raised Rs 2,474 crore by issuing bonds at the rate of 7.88 per cent 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.
