Bank Of Baroda's Board Approves Raising Up To $7 Billion Via Debt

The board of directors of Bank of Baroda has approved the bank's fundraising plan, worth a total of $7 billion.

The bank plans to raise up to $3 billion through the issuance of certificates of deposits in single or multiple tranches, the bank said in an exchange filing on Friday. The board of directors has also approved raising funds through bilateral or other borrowings of up to $3 billion.

The bank will also raise an additional $1 billion in foreign currency funding through the issuance of bonds under the bank's medium-term note programme, the filing said.

The bank did not outline any specific timeline for the fundraising in its filing.

The Reserve Bank of India announced on Thursday that it will conduct a 13-day variable reverse repo auction on April 21. The notified amount for the auction is Rs 50,000 crore. The window is typically used by banks to park their excess funds.