Bank of India raises Rs 5,000 crore in infra bond sale

State-run Bank of India on Thursday said it has raised Rs 5,000 crore through long-term infrastructure bonds route.

The bank raised the money at a coupon of 7.54 per cent through the NSE Electronic Bidding Platform, according to a statement.

The funds raised will be used for funding long-term projects in infrastructure sub-sectors and affordable housing, it said. They are not meant for financing any particular project, it clarified.

The base issue size was Rs 2,000 crore with a green shoe option to retain subscriptions of an additional Rs 3,000 crore, the statement said.

It received a total of 127 bids amounting to Rs 15,318 crore and there were 57 successful bidders amounting to Rs 5,000 crore. The funding comes close on the heels of the country's largest lender SBI raising Rs 10,000 crore more in infrastructure bonds.