Bank of Baroda accepted the voluntary retirement of Chief General Manager Saurabh Ravishankar Shukla effective August 31, 2026. The bank disclosed the change in senior management on August 31, 2026, pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015.

Shukla served as CGM, Officer on Special Duty for IT Projects at the Baroda Corporate Center in Mumbai. He cited personal and professional aspirations as the reason for his exit. The bank confirmed that a letter of voluntary retirement was enclosed with the disclosure.

Career Overview

Shukla submitted his application for voluntary retirement under the Pension Regulations on June 1, 2026, requesting relief on August 31, 2026. He noted more than two decades of association with the bank. His tenure included roles across Information Technology and Digital functions, contributing to the lender's modernization and transformation journey.

The bank acknowledged his contributions to key initiatives supporting its digital evolution. Shukla expressed gratitude to the board and leadership team for their guidance throughout his career.

Transition

The bank stated that Shukla remains committed to ensuring a smooth transition of responsibilities. He pledged full cooperation during the period leading up to his retirement date.

Bank of Baroda concluded the issuance of USD 400 million in senior unsecured fixed-rate notes on August 21, 2026. The five-year bonds carry an all-in-yield of 5.389% and an original coupon of 5.318%, payable semi-annually in arrears. The transaction was executed through the bank’s IFSC GIFT City branch.

The issuance serves as a tap of the bank’s existing outstanding fixed-rate notes due August 20, 2031. The new bonds will be consolidated with the previously issued USD 300 million notes to form a single series totaling USD 700 million under the bank’s USD 4 billion medium-term note (MTN) programme.

Credit Ratings

The notes received investment-grade ratings from major agencies, confirming the bank’s stable credit profile:

Fitch confirmed that the tap issuance would not result in a withdrawal or downgrade of its senior unsecured long-term rating. S&P Global Ratings affirmed its BBB rating for the proposed issue, subject to final documentation.

What the Numbers Show

The consolidation of the new USD 400 million tranche with the existing USD 300 million series significantly increases the bank’s outstanding debt under this specific tenor. By merging the tranches into a single USD 700 million series due in 2031, Bank of Baroda simplifies its capital structure for this maturity bucket while maintaining identical coupon terms (5.318%). This structure allows the bank to deepen its investor base for the 2031 maturity without altering the cost of funds for the existing holders.

Listing and Issuance Details

The bonds were issued through the bank’s IFSCBU Gift City branch in Gandhinagar. They are scheduled for listing on three exchanges:

• Singapore Stock Exchange
• India INX Gift City
• NSE-IX Exchange Gift City

The issuance complies with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.