Bank of India board nod to raise Rs 1,995cr

The board of directors of Bank of India have approved a proposal to raise Rs 1,995 crore via private placement of bonds at an appropriate time.

According to a release issued by the bank to BSE today, the bank has approved a proposal to raise Tier-I and Tier-II capital through issuance of Innovative Perpetual Debt Instruments (IPDI) and Upper Tier-II Bonds.