BoI to raise Rs 30 cr through preferential issue

Public sector lender Bank of India (BoI) today said it will raise Rs 30 crore by way of issuance of fresh shares on a preferential basis or by offering global receipts.

The bank said it will issue up to three crore fresh shares worth Rs 30 crore through preferential issue or some other method like right issue, follow-up offer or depository receipts.

It, however, did not offer any reason for the decision or any appropriate time-frame the issuance of the shares.

"Bank of India... Decided to issue up to 3 crore fresh equity shares for face value of Rs 30 crore through preferential issue/right issue/follow-up offer/American Depository Receipt/Global Depository Receipts or any other mode as permitted at an appropriate premium and at an appropriate time," BoI said in a filing to the Bombay Stock Exchange.

This decision was arrived at during the meeting of the bank's board of directors today.

Meanwhile, BoI today raised its base rate and BPLR by 50 bps each to 9.5 per cent and 13.75 per cent, respectively with effect from February 3.