The Series I bonds have a tenure of seven years and were issued through the electronic book provider platform of National Stock Exchange of India. The issue had a base size of ₹5,000 crore with a greenshoe option of another ₹5,000 crore, both of which were fully subscribed.
The bond issue received bids worth ₹16,415 crore, more than three times the base issue size, indicating strong investor interest. The bank fixed the cut-off coupon at 7.10% per annum.
According to the bank, the pricing reflects a “greenium” — a term used to describe slightly better pricing achieved by green-labelled bonds compared with conventional bonds.
“The Green Infrastructure Bond issue marks a significant milestone for Bank of Baroda and a defining moment for India’s domestic ESG bond market,” said Debadatta Chand, managing director and chief executive officer of the bank.
The proceeds from the bond issuance will be used to finance eligible green projects under the bank’s green financing framework and in accordance with regulatory guidelines. The funds are expected to support sectors such as renewable energy and other environmentally sustainable infrastructure projects.
The bonds have been assigned ‘AAA’ ratings with a stable outlook by CARE Ratings and ICRA Limited.
First Published: Mar 6, 2026 8:30 AM IST