Bank of Baroda to raise up to Rs 13,500 cr

Bank of Baroda on Friday said its board has approved raising up to Rs 13,500 crore by 2020-21.

"Board of Directors of our Bank in its meeting held today i.e. 24 April 2020...considered and approved raising of additional capital fund up to Rs 13,500 crore up to March 31, 2021 and beyond if found expedient," it said in a regulatory filing.

The capital raise will comprise Rs 9,000 crore by way of common equity capital by various modesincluding QIP, etc in suitable stages and Rs 4,500 crore by way ofadditional tier I and tier II capital instruments with an inter-changeability option, issued in India/overseas in suitable tranches, it added.

This will be subject toapplicable statutory 1 regulatory approvals, the state-owned bank said.

Bank of Baroda stock closed 4.23 per cent down at Rs46.40 on BSE.