New Delhi, Jan 3 (IANS): State-owned Bank of Baroda has raised Rs 920 crore by issuing Basel III compliant bonds on private placement basis.

The issue opened on Thursday and closed the same day, saw a total of 11 allottees through private placement of bonds, the bank said in a BSE filing.

A total of 9,200 bonds, aggregating to Rs 920 crore, were issued, the bank said.

The bank also said its the Capital Raising Committee (CRC) meeting of whole time Directors of the Bank is scheduled to be held on January 8 to consider raising of capital funds through issue of capital debt instruments.

The lender has issued and allotted unsecured rated listed subordinated non-convertible fully paid up redeemable Basel III compliant tier II bonds on private placement basis, it added.

To comply with Basel-III Capital Regulations, banks need to improve and strengthen their capital planning processes and core capital shoring up.

These norms are being implemented to mitigate concerns on potential stresses on asset quality and consequential impact on performance and profitability of banks.

Indian banking system has been implementing Basel III standards in phases since April 1, 2013. The banks are expected to fully implement these norms by March 2020.