Bank of India stock closed 3.48% higher at Rs 111.90 on the BSE. The bank’s market cap stood at Rs 50,762 crore.
Bank of India shares surged after the lender said it has issued long term bonds (infrastructure) worth Rs 5,000 crore on a private placement basis. Bank of India stock closed 3.48% higher at Rs 111.90 on the BSE. The bank’s market cap stood at Rs 50,762 crore. A total of 4.87 lakh shares were traded on the BSE, generating a turnover of Rs 5.33 crore.
The stock is neither trading in the overbought nor in the oversold zone, indicated by its relative strength index (RSI) which is at 52.6. The one-year beta of Bank of India stock is 1.4, indicating very high volatility during this period.
Bank of India shares are trading higher than 10-day, 20-day, 30-day, 50-day but lower than 100-day, 150-day and 200-day moving averages.
The bank said the issue type is “unsecured, subordinated, callable, non-convertible, taxable, listed, fully paid-up long term bond (infrastructure), in the nature of debenture of face value of Rs 1 lakh (bond).”
The bank said the bond issue will have a base issue size of Rs 2,000 crore and green shoe option of Rs 3,000 crore, taking the total issue size to Rs 5,000 crore.
The issue opened on November 27 and closed on the same day. The bank said it received 97 bids, of which 43 were accepted. “The Bank received an overwhelming response from investors as bids aggregating to Rs 13,700 crore and were oversubscribed 6.85 times against the base issue size of Rs 2,000 crore. Further, the Bank has decided to accept bids of Rs 5,000 crore at a coupon rate of 7.41% per annum,” the bank said.