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Bank of India to allot preferential shares to govt for Rs 3,000 crore

Bank of India said it has convened an extra-ordinary general meeting of shareholders this month for seeking approval to the allotment of preferential shares to the government for Rs 3,000 crore

Topics
Bank of India | indian government | Preferential allotment

Press Trust of India  |  New Delhi 

Among the first to exit PCA in February 2019, BOI has significantly reduced its gross non-performing assets (NPA) from 16.3 per cent in Q3 FY20 to 13.3 per cent in December quarter
Bank of India

State-run on Monday said it has convened an extra-ordinary general meeting (EGM) of shareholders this month for seeking approval to the allotment of preferential shares to the government for Rs 3,000 crore.

The bank on March 31 had informed about getting Rs 3,000 crore capital infusion from the government.

"The board of directors of the bank will be considering of equity shares of Rs 3,000 crore to Government of India after obtention of shareholder's approval in the extra ordinary general meeting and other related regulatory approvals.

"This proposal will be considered by circulation on or after April 8th, 2021," it said.

shares closed at Rs 67.25 apiece on BSE, down 3.72 per cent from the previous close.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, April 05 2021. 16:52 IST
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