BoI plans QIP offer after October to raise capital

Bank of India has planned a Qualified Institutional Placement offer in the second half (October-March) of this financial year, to raise equity capital for its growth.

It has estimated a capital requirement of about Rs 6,000 crore. About Rs 3,000 crore is expected to come from ploughing back profits.

The balance will come through external sources, including expected investment by the government and the market offer, said chairperson and managing director Vijayalakshmi R Iyer.

Its capital adequacy ratio was 11.02 per cent, with tier-I at 8.2 per cent at end-March.