Bank of India gains after raising capital

Bank of India rose 1.05% to Rs 96.55 at 15:15 IST on BSE after the bank said that it has raised Rs 1000 crore by issue of Basel-Ill compliant additional tier I bonds.

The announcement was made during market hours today, 23 June 2016.

Meanwhile, the S&P BSE Sensex was up 238.24 points or 0.89% at 26,996.96.

On BSE, so far 4.82 lakh shares were traded in the counter as against average daily volume of 6.56 lakh shares in the past one quarter. The stock hit high of Rs 96.80 and low of Rs 95.45 so far during the day. The stock had hit a 52-week high of Rs 187.75 on 17 August 2015. The stock had hit a 52-week low of Rs 78.60 on 25 May 2016. The stock had outperformed the market over the past one month till 22 June 2016, rising 17.6% compared with Sensex's 5.79% rise. The scrip had, however, underperformed the market in past one quarter, declining 2.45% as against Sensex's 5.67% rise.

The mid-cap state-run bank has equity capital of Rs 934.03 crore. Face value per share is Rs 10.

Bank of India said that the bonds have been rated AA- by Brickwork and A+ by CRISIL and bear coupon rate of 11.5% per annum.

Bank of India reported a net loss of Rs 3587.09 crore in Q4 March 2016, higher than net loss of Rs 56.14 crore in Q4 March 2015. The bank's total income fell 7.3% to Rs 11384.91 crore in Q4 March 2016 over Q4 March 2015.

The Government of India held 70.33% stake in Bank of India (as per the shareholding pattern as on 4 May 2016).

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