Bank of India said it has raised 10 years Infrastructure Bonds of ₹2,690 crore @ 7.50% p.a, through NSE Electronic Bidding Platform. 

The Base Issue size was ₹1,500 crore with Green Shoe option of ₹3,500 crore. 

“Bank received total of 94 bids amounting to ₹8,845 crore, 5.90 times of the Base issue size. Bank accepted bids at cut-off coupon of 7.50% of ₹2,690 crore,” Bank of India said in a statement. 

The funds raised through Long Term Bonds will be used for funding long term projects in infrastructure sub-sectors and affordable housing in accordance with RBI guidelines, it said.

The funds raised by the Bank through this issue is not meant for financing any particular project, it added. 

Shares of One97 Communications Ltd, which owns Paytm brand, climbed 10 per cent on Wednesday, February 7 morning, continuing its recovery journey.

The stock jumped 9.99 per cent to Rs 496.75 on the BSE after a firm beginning.

Shares of the company climbed 9.99 per cent to Rs 496.25 on the NSE.

Earlier, Vijay Shekhar Sharma, founder and CEO of One97 Communications, met Finance Minister Nirmala Sitharaman in the presence of top Department of Financial Services officials, amid the crisis engulfing Paytm Payment Bank’s operation

He was told in no uncertain terms by Ministry representatives that the bank needs to comply with Reserve Bank of India (RBI) directives and regulations. The government has no role to play in the matter that entails the central bank asking Paytm Payment Bank to suspend acceptance of deposits after February 29, it was conveyed to Mr. Sharma, sources in the know said.

The stock of One97 Communications Ltd rebounded by over 3 per cent on Tuesday after three days of sharp fall.

From February 1-5 (three days of trading), the company’s stock tumbled over 42 per cent, wiping out Rs 20,471.25 crore from its market valuation, following the RBI’s crackdown.

Last week, RBI ordered Paytm Payments Bank Ltd, a restricted bank that can take deposits but cannot lend, to not take any further deposits or conduct credit transactions or carry out top-ups on any customers accounts, prepaid instruments, wallets, and cards for paying road tolls after February 29.

Paytm Payments Bank Limited (PPBL) is an associate of One97 Communications Limited (OCL).

One97 Communications holds 49 per cent of the paid-up share capital (directly and through its subsidiary) of PPBL. Founder Vijay Shekhar Sharma has a 51 per cent stake in the bank.