Bank of India plans to raise Rs 3,000 cr equity capital via QIP

The bank will also utilise the proceeds of the QIP for developing app based retail loan applications and offer electronic bill discounting facility, they added.

Bank of India is planning to raise Rs 3,000 crore equity capital through a qualified institutional placement (QIP) offer to fuel business growth and meet regulatory compliance, sources said.

"The bank is in the process of raising Rs 3,000 crore through QIP and seven book running lead managers have been appointed for the proposed issue," sources privy to the development said.

A non-deal roadshow to woo investors concluded on Monday.

The management of the bank participated in one-on-one and group meetings for the roadshow during August 10-23, 2021, the bank said in a filing.

Total 26 investors participated in the roadshow including Yes Bank,