Bank of India gains after board approves fund raising

Bank of India rose 0.82% to Rs 184.45 at 15:23 IST on BSE after the bank said its board approved raising funds through issue of equity shares and bonds.

The announcement was made during trading hours today, 23 June 2015.

Meanwhile, the BSE Sensex was up 77.98 points, or 0.28%, to 27,808.19.

On BSE, so far 2.96 lakh shares were traded in the counter, compared with an average volume of 4.35 lakh shares in the past one quarter.

The stock hit a high of Rs 187.50 and a low of Rs 182.50 so far during the day. The stock hit a 52-week high of Rs 311.75 on 2 January 2015. The stock hit a 52-week low of Rs 170.10 on 15 June 2015.

The stock had underperformed the market over the past one month till 22 June 2015, falling 9.63% compared with 0.81% fall in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 14.03% as against Sensex's 1.88% fall.

The large-cap company has an equity capital of Rs 664.91 crore. Face value per share is Rs 10.

Bank of India announced that its board has approved raising Tier-1 and Tier-2 capital by issue of fresh equity shares and Tier-1 and Tier-2 bonds at an appropriate time, subject to all necessary approvals.

Bank of India reported net loss of Rs 56.14 crore in Q4 March 2015 as against net profit of Rs 557.51 crore in Q4 March 2014. Operating income rose 9% to Rs 12286.98 crore in Q4 March 2015 over Q4 March 2014.

The Government of India holds 64.43% stake in the bank as at 31 March 2015.

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