Bank of Baroda to issue long-term infrastructure bonds to generate Rs 5,000 crore

28 Jun 2022 , 03:00 PM

Bank of Baroda, a public sector lender, said on Monday that it will issue long-term infrastructure bonds to generate Rs 5,000 crore.

With its headquarters in Vadodara, the Bank of Baroda is a nationalized banking and financial services corporation in India. With 132 million clients, a US$218 billion annual revenue, and 100 abroad operations, it is the third-largest nationalized bank in India.

The plan to issue long-term bonds to finance infrastructure projects and affordable housing worth Rs 5,000 crore was accepted by the board of directors at its meeting on Monday, the bank said in a regulatory statement.

During the fiscal year 2022—2023, the funds will be raised in a single or a series of tranches. It said that these bonds would be senior, unsecured, and independent of the bank’s capital. On Monday, the BSE’s Bank of Baroda shares finished unchanged at Rs 99.95 per share.