"Bank of India (BoI) is opening its bond issue under MTN programme in overseas market. The size of issue is USD 750 million and the bonds will be issued with tenor of five years," the Bank said in a BSE filing.

In February this year, Bank of India deferred its plans to raise USD 750 million in foreign currency loan under its MTN programme due to enough liquidity on slow credit growth.

The bank has a board approval to raise USD 5 billion through MTN beginning 2005 and has so far raised USD 2.5 billion.

Last November, BoI had said it was in the initial stages of raising USD 750 million via MTN programme and might do so in the fourth quarter of the fiscal.

Shares of Bank of India were trading at Rs 213.15 apiece, up 1.36 percent on the BSE.

Latest News  from Business News Desk