Public sector lender Bank of India has raised Rs 1,500 crore through Basel-compliant Additional Tier 1 (AT-1) bonds. The bond issue was oversubscribed 12 times and the coupon rate is 8.57 percent per annum.

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On Thursday, the bank in a statement said the issue consisted of Rs 500 crore base issue and a green-shoe option of Rs 1,000 crore. The proceeds will be used to shore up the regulatory and growth capital requirements of the bank, it added.

The issue received overwhelming response from investors to the tune of Rs 6,367 crore from 47 active bidders or 12 times the base issue size.

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(Edited by : Anushka Sharma)