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Bank of India to raise Rs 8,000 crore, gets shareholders’ nod

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Bank of India to raise Rs 8,000 crore, gets shareholders’ nod



Bank of India has acquired its shareholders approval to raise up to Rs 8,000 crore by a number of modes together with fairness shares. The shareholders gave the approval in its Extraordinary General Meeting on Saturday, the financial institution mentioned in a regulatory submitting.

It mentioned that they gave the “approval to raise fresh capital up to an amount of Rs 8,000 crore by way of equity shares/tier-I/tier-II bonds by way of public issue or right issue or preferential issue or QIP or private placement or any other permitted mode at an appropriate time whether at a discount or premium to the market price”.

Several private and non-private sector banks are elevating capital to strengthen their buffer amid the pandemic.

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