The board of directors of Bank of India, which met today, approved a proposal to raise tier-I capital by issuing up to 3,77,72,600 equity shares through qualified institutional placements(QIPs) - the first such move by a public sector bank.The bank will hold an extra ordinary general meeting of the shareholders on January 23, 2008 to approve the proposal.According to a release issued to the BSE today, "the Bank has got the approval from the ministry of finance for this purpose, which, inter-alia, stipulates that the placements shall be made only with public sector enterprises and mutual funds."Post issue of shares, the government's holding in the bank is likely to fall from 69.47% to around 64.5%.Also Read: BoI to raise Rs 1,400 cr via QIP
