Bank of India to allot preferential shares to govt for Rs 3,000 crore

Bank of India said it has convened an extra-ordinary general meeting of shareholders this month for seeking approval to the allotment of preferential shares to the government for Rs 3,000 crore

State-run Bank of India on Monday said it has convened an extra-ordinary general meeting (EGM) of shareholders this month for seeking approval to the allotment of preferential shares to the government for Rs 3,000 crore.

The bank on March 31 had informed about getting Rs 3,000 crore capital infusion from the government.

"The board of directors of the bank will be considering preferential allotment of equity shares of Rs 3,000 crore to Government of India after obtention of shareholder's approval in the extra ordinary general meeting and other related regulatory approvals.

"This proposal will be considered by circulation on or after April 8th, 2021," it said.

Bank of India shares closed at Rs 67.25 apiece on BSE, down 3.72 per cent from the previous close.