Bank of India accepts bids for perpetual bonds - traders

Bank of India BANKINDIA has accepted bids worth 15 billion rupees($184.8 million) for Basel III-compliant additional Tier-I perpetual bonds, three merchant bankers said on Thursday.

The state-run lender will pay an annual coupon of 8.57% on this issue, for which it had invited bids from bankers and investors earlier in the day, the bankers said.

The bonds are rated AA by CRISIL and the issue will have a call option that can be exercised at the end of the fifth year from the date of allotment.

The issue will close for subscription on Friday.