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Bank of India on Monday announced that the bank has decided to exercise call option on Tier II Bonds Series XIII and declare 6 June as the record date for this purpose.
The bonds were issued on 7 July 2016 and carry a coupon rate of 8.57% per annum, payable annually with call option on 7 July 2021.
Upon payment of broken period interest and call option amount (Principal), by the bank on 7 July 2021, to the holders of the bonds, the bank s liability to the bondholders towards all their right including for the payment or otherwise shall be ceased and stand extinguished.
Shares of Bank of India were trading 0.44% higher at Rs 79.25 on BSE.