MUMBAI: Bank of Baroda announced on December 1, 2023, that it raised Rs. 5000 crore on November 30, 2023, through the issuance of long-term bonds for financing infrastructure and affordable housing. The bank received total bids of Rs. 10,350 crore against the total issue size of Rs. 5000 crore. The bank accepted bids for Rs. 5000 crore at a coupon of 7.68% p.a.
These bonds are senior, unsecured, listed, rated, taxable bonds, having a fixed maturity of 10 years from the date of allotment. The allotment of these bonds took place on December 1, 2023. The bonds are rated AAA with a stable outlook by CRISIL and India Ratings.
Bank of Baroda is one of the leading commercial banks in India, founded on July 20, 1908, by Sir Maharaja Sayajirao Gaekwad III. At 63.97% stake, it is majorly owned by the Government of India. The bank serves its global customer base of ~165 million through over 70,000 touchpoints spread across 17 countries in five continents and through its various digital banking platforms, which provide all banking products and services in a seamless and hassle-free manner.
Bank of Baroda’s vision matches the aspirations of its diverse clientele base and seeks to instill a sense of trust and security in all of their dealings with the bank. The bonds issued by the Bank of Baroda for financing infrastructure and affordable housing will help the bank in achieving its vision and mission.
Bank of Baroda’s successful issuance of long-term bonds for financing infrastructure and affordable housing is a positive development for the bank and the Indian economy. The bank’s commitment to providing seamless and hassle-free banking services to its global customer base is commendable.
