The Board of Directors at its meeting today approved to raise equity capital, the bank said in a BSE filing.
"...To raise equity capital by preferential allotment up to Rs 1,500 crore including premium to the President on behalf of the Government, or LIC of India or funds thereof or such other investors as may be decided", it said in the filing.
It said the allotment will be done in such a manner so that the Government shareholding in the Bank shall not fall below 51 per cent of the total equity capital.