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Bank of Baroda raise ₹1000cr via affordable bonds
July 18, 2022
Public sector lender Bank of Baroda on Saturday approved raising ₹1,000 crore through long-term bonds for financing of infrastructure and affordable housing. The lender in June approved raising ₹5,000 crore in FY23 through debt for affordable housing.
“Bank of Baroda in its meeting held today i.e. 16.07.2022 has approved raising of ₹1000 crores towards Long Term Bonds for financing of infrastructure and affordable housing,” the bank said in an exchange filing.
The bank’s capital adequacy ratio (CAR) stood at 15.84% as on March 31. In FY22, the bank issued additional tier-I capital bonds of ₹2,749 crore. The infrastructure and affordable housing bonds however will not form part of the capital of the bank. In Q4FY22, the bank’s home loans improved 11.3% to ₹81,000 crore.
As per Reserve Bank of India (RBI) guidelines, banks can issue long-term bonds with a minimum maturity of seven years for lending to long-term projects in infrastructure and affordable housing.
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