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Bank of Baroda to issue bonds; expects additional capital from government

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Bank of Baroda to issue bonds; expects additional capital from government

India's Bank of Baroda plans to raise 40 billion rupees through the issuance of Tier 1 capital bonds, Business Standard reported Oct. 1, citing Managing Director and CEO P S Jayakumar.

The bond issuance will follow an employee stock option plan from which the bank expects to raise 10 billion rupees to 12 billion rupees. Jayakumar expects to complete the capital raising by December.

The bank is also set to receive 70 billion rupees from the Indian government through the preferential allotment of securities, according to a Sept. 30 stock exchange filing. The government plans to inject the capital by March 2020.

In addition, the bank said Oct. 1 that Murali Ramaswami was appointed executive director, effective the same day. He replaces Papia Sengupta, who retired as executive director, effective Sept. 30.

Ramaswami will stay on the role until his retirement on Dec. 31, 2020, or until further notice. He joined the bank in April as officer on special duty, after serving as an executive director at the now defunct Vijaya Bank.

As of Oct. 1, US$1 was equivalent to 71.13 Indian rupees.