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Bank of Baroda to raise 30B rupees from Tier 2 bonds

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Bank of Baroda to raise 30B rupees from Tier 2 bonds

India-based Bank of Baroda is planning to raise up to 30 billion rupees via an issuance of Tier 2 bonds, Business Standard reported Sept. 9.

The lender is raising funds to meet capital adequacy requirements for the merged entity that resulted from its consolidation with Vijaya Bank and Dena Bank on April 1. The integration is expected to be completed in the next 15 to 16 months, according to the report.

As of Sept. 6, US$1 was equivalent to 71.52 Indian rupees.