In an exchange filing, the bank said that it has allotted 2,000 unsecured, subordinated, redeemable, nonconvertible, taxable, fully paid-up basel III compliant tier II bonds in the nature of debentures of face value Rs 1 crore each, aggregating up to Rs 2,000 crore (base issue size of Rs 1,000 crore plus green shoe option of Rs 1,000 crore).

Bank of India occupies a premier position among the nationalized banks. The bank has over 5100 branches in India spread over all states/ union territories including specialized branches. The Government of India held 81.41% stake in the bank as on 30 June 2023.

The state-run bank reported 176.2% surge in net profit of Rs 1,551.07 crore in Q1 FY24 as compared with Rs 561.49 crore in Q1 FY23. Total income jumped 42.2% to Rs 15,821.08 crore in the quarter ended 30 June 2023 as compared with Rs 11,124.36 crore posted in corresponding quarter last year.