BoI to issue 20 mn shares to LIC

After the issuance of shares, LIC's stake in bank would rise to 14.69% from 12.54%

Bank of India (BoI) plans to issue 20 million equity shares to Life Insurance Corporation of India (LIC) on preferential basis to shore up capital adequacy for business growth. After the issuance of shares, LIC's stake in bank would rise to 14.69 per cent from 12.54 per cent. BoI will hold a shareholders' meeting on December 21 to get their nod.