Bank of Baroda's board approved a plan to raise up to 40 billion Indian rupees in Basel III-compliant Additional Tier 1 capital via perpetual debt.
The funds may be raised from either domestic or overseas markets, and in one or more tranches, depending on market conditions, according to a Dec. 22 filing.
Additionally, R. Narayanaswamy stepped down as a shareholder director on the bank's board, effective Dec. 24, due to the completion of his three-year tenure, according to a Dec. 23 filing.
Bank of Baroda previously announced that Soundara Kumar and Bharatkumar Dangar were named shareholder directors, also effective Dec. 24.
As of Dec. 25, US$1 was equivalent to 64.05 Indian rupees.