MUMBAI (Reuters) – India’s Bank of Baroda plans to raise at least 5 billion rupees ($62.52 million) through sale of Basel III compliant additional Tier I perpetual bonds, three merchant bankers said on Monday.

The state-run lender has invited coupon and commitment bids from bankers and investors on Tuesday, they said.

The bonds are rated AA+ by ICRA and India Ratings.

The issue will close for subscription later this week.

It has a call option at end of five years, and will also have a greenshoe option to retain an additional 20 billion rupees.

Earlier this month, the bank had raised 10 billion rupees through sale of infrastructure bonds maturing in seven years.

($1 = 79.9740 Indian rupees)

(Reporting by Dharamraj Lalit Dhutia; Editing by Neha Arora)

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