A person talks on cell phone in entrance of the Bank of Baroda brand in New Delhi, India, September 18, 2018. REUTERS/Adnan Abidi

MUMBAI, Aug 29 (Reuters) – India’s Bank of Baroda (BOB.NS) plans to elevate at the very least 5 billion rupees ($62.52 million) via sale of Basel III compliant further Tier I perpetual bonds, three service provider bankers stated on Monday.

The state-run lender has invited coupon and dedication bids from bankers and traders on Tuesday, they stated.

The bonds are rated AA+ by ICRA and India Scores.

The issue will shut for subscription later this week.

It has a name possibility at finish of 5 years, and also will have a greenshoe possibility to retain a further 20 billion rupees.

Earlier this month, the financial institution had raised 10 billion rupees via sale of infrastructure bonds maturing in seven years.

($1 = 79.9740 Indian rupees)

Reporting by Dharamraj Lalit Dhutia; Modifying by Neha Arora

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