Bank of Baroda has raised Rs. 500 crore through Upper Tier-II bonds to fund business growth.

An official release said, “The fund was raised through issue of unsecured, non - convertible, subordinated upper Tier II bonds in the nature of Promissory Notes Series.”

The bonds, which carry a coupon rate of 9.3 per cent, have tenure of 15 years with call option at the end of 10 years from the deemed date of allotment on private placement basis, it added.

The Bonds Series VII, with a face value of Rs 10 lakh each, was opened for subscription on December 27.

The bank presently holds market cap worth Rs. 15932 crore, PE Ratio of 12.92 ; EPS of 33.73 and BV of 237.46. The bank had showed a net profit of Rs 327 crore for the quarter ended September 2007 as against Rs. 288 crore in same quarter of last year.

At 12:00 PM, the share was trading at Rs 440 on NSE, up 2 % compared with previous close of Rs. 433. About 172,784 shares exchanged hands on the counter. It touched intraday high of Rs 441 and low of Rs 429.