BOI will raise up to Rs 50 Bn via infrastructure bonds

05 Jul 2024 CW Team

Days after the State Bank of India (SBI) issued its infrastructure bonds, public sector lender Bank of India (BOI) intends to raise up to Rs 50 billion using the same instrument. According to BOI authorities, the proposed infra bond issue has been rated "AA+" by rating firm India Ratings. Later this week, the capital raising committee will get together to formalise the fundraising strategy. The state of the market would determine the precise amounts raised and when. The state-run lender looked into infra bonds because of SBI's higher fundraising rates as well as the rising need for funding from renewable energy companies and affordable housing, according to BOI officials. As of the end of March 2024, BOI has Rs 588 billion in infrastructure loans outstanding. SBI has garnered Rs. 100. Regulations pertaining to reserve requirements, such as the Statutory Liquidity Ratio (SLR) and Cash Reserve Ratio (CRR), do not apply to funds generated through infrastructure bonds. One can use the whole amount for lending activities. Banks are required to retain 4.5% of the funds they collect via deposits with the Reserve Bank of India as CRR. In order to keep SLR, they must also invest around 18% of their income in equities. According to CRISIL Ratings, investments in India's main infrastructure sectors?renewable energy, highways, and real estate?are expected to increase by 38% to Rs 15 trillion in the fiscal years 2025 and 2026 as compared to the preceding two fiscal years.

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