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Report: Bank of India looking to issue AT1 bonds amid merger rumor

Bank of India is considering issuing Basel III-compliant Additional Tier 1 bonds to raise 15 billion rupees amid rumors that smaller state-owned banks may be merged with the Mumbai-based bank, IFR reported, citing a source from the bank.

The lender is looking to issue the bonds in the current fiscal year in 5-billion-rupee tranches, the source said. The potential issue is part of the bank's plan to raise 80 billion rupees of capital through share placements and sales of noncore assets.

IFR added there was a rumor in the market that the Indian government may merge smaller state-owned banks such as Andhra Bank, Bank of Maharashtra and Vijaya Bank with Bank of India.

As of Aug. 14, US$1 was equivalent to 64.09 Indian rupees.