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Bank of Baroda board committee approves raising funds

Capital Market 

The capital raising committee of the state-run bank approved raising upto Rs 2,755 crore by issuing Basel-III compliant additional Tier-I bonds in single or multiple tranches.

Bank of Baroda (BoB) will consider Q2 earnings on 29 October 2020. The bank posted a net loss of Rs 864.26 crore in Q1 June 2020 as against net profit of Rs 709.87 crore in Q1 June 2019. Total income declined 2.6% to Rs 20,312.44 crore in Q1 June 2020 over Q1 June 2019.

Bank of Baroda is a public sector bank. The Government of India held 71.60% stake in BoB as on 30 September 2020.

Shares of Bank of Baroda rose 0.69% to Rs 43.50 on BSE. The scrip jumped 20.66% from its 52-week low of Rs 36.05 hit on 20 May 2020.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, October 26 2020. 11:35 IST