Leading public sector lender, Bank of Baroda (BoB) on Saturday said it will issue long-term bonds to generate 1,000 crore in loan capital for the infrastructure and affordable housing sectors. The lender said in a filing submitted to the BSE that its investment committee had approved it in a meeting held on Saturday.
BoB has said in a note that “We are going to send our letter no. BCC:ISD:114:16:149 dated 07.07.2022 And notify that the Investment Committee of Bank of Baroda in its meeting held today i.e. 16.07.2022 has approved Rs.1000 crore for long term bonds for financing infrastructure and affordable housing. collection is approved. The board has approved a limit of Rs 5000 crore.”
The lender plans to increase 5,000 crore in multiple phases in the financial year 2022-2023 to support infrastructure and affordable housing. According to a report in PTI, these bonds will be senior in nature, unsecured and will not form part of the bank’s capital.
Bank of Baroda shares closed Friday’s level of 103.75, down 1.38% from its previous close 105.20. The stock is up 29.44 percent over the past year, and on a year-over-year basis, it has climbed up from the previous year. 83.80 as on January 3, 2022, at the current level, registering a growth of 23.81 per cent so far in 2022. The stock has gained 12.47 percent in the last six months and 13.82 percent in the last month. As per the previous trading price, the stock is now trading higher than the 20-day, 50-day and 200-day moving averages but below the 5-day and 100-day moving averages. Stock had 52-week high on NSE 122.70, and its 52-week low of . was 72.50, which means that at the current market price, BoB’s shares are trading 15.44 percent below the 52-week high and 43.10 percent above the 52-week low.
(with inputs from PTI)
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