Bank of India plans follow-on offer

Bank of India (BoI) may float a follow-on public issue to raise fresh equity and dilute 5% of government equity, chairman and managing director T S Narayanasami said today.

The government currently holds 69.4% in the bank.

BoI is also confident of meeting the loan growth target for the current fiscal. "We should be on target (on loan growth). We are expecting a 23-24% growth in the current financial year," Narayanasami said.