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| Bank of India to raise up to Rs 10,286 cr |
| Press Trust of India / Mumbai Aug 12, 2010, 20:31 IST |
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Public sector lender Bank of India (BoI) today said its board has approved raising up to Rs 10,286 crore through Tier-I and Tier-II capital.
BoI, in a filing to the Bombay Stock Exchange, said the capital would be raised "through issuance of equity shares, innovative perpetual debt instruments, preference shares, Tier II bonds and upper Tier II Capital Bonds".
Meanwhile, the state-owned bank has also raised interest rates on certain maturities effective from today.
It raised interest rates to 7 per cent from 6.5 per cent for deposits less than Rs 1 crore and maturity period of one year to less than 2 year. For deposits above Rs 1 crore, the interest rate is raised to 7 per cent from 6 per cent.
The maximum increase in interest rate to 5.5 per cent from 3.5 per cent has been for deposits above Rs 1 crore with maturity between 91 days and 179 days.
However, for deposits less than Rs 15 lakh and maturity of 8 years and above, the rate has been lowered to 7 per cent from 7.5 per cent earlier.
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