BoB has said in a note that “We refer to our letter no. BCC:ISD:114:16:149 dated 07.07.2022 and advise that Investment Committee of Bank of Baroda in its meeting held today i.e. 16.07.2022 has approved raising of Rs.1000 crores towards Long Term Bonds for Financing of Infrastructure and Affordable Housing out of the Board approved limit of Rs.5000 crores."
The lender plans to raise ₹5,000 crore in many tranches over the fiscal year 2022–2023 to support infrastructure and affordable housing. These bonds will be senior in nature, unsecured, and will not form part of the capital of the bank, as per a report from PTI.
The shares of Bank of Baroda closed at ₹103.75 level on Friday, down by 1.38% from its previous close of ₹105.20. The stock has gained by 29.44 per cent over the last year, and on a year-to-date basis, it has climbed from ₹83.80 on January 3, 2022, to the current level, registering a growth of 23.81 per cent so far in 2022. The stock has gained 12.47 per cent over the past six months and 13.82 per cent over the past month. The stock is now trading higher than the 20-day, 50-day, and 200-day moving averages but lower than the 5-day and 100-day moving averages, according to the last traded price. The stock's 52-week high on the NSE was ₹122.70, and its 52-week low was ₹72.50, meaning that at the current market price, BoB shares are trading 15.44 per cent below the 52-week high and 43.10 per cent above the 52-week low.
(With inputs from PTI)
