Mumbai: The state-owned Bank of India (BoI) will raise $1.84 billion (Rs.73.6 billion) from bonds to meet its capital requirement and credit growth, it said on Friday.

In a regulatory statement, BoI said it would raise tier-I and tier-II capital through the issuance of innovative perpetual debt instruments (IPDI), preference shares, tier-II bonds and upper tier-II capital bond. The statement said the procedure would be completed in "appropriate time".

BoI chairman and managing director T S Narayanasami was unavailable for comment. The board has already sanctioned the raising of tier-I and tier-II capital, the statement added. BoI shares closed at Rs.256.75 on the bourses, an increase of 5.38 per cent from Thursday's closing of Rs.243.65.

Source : IANS