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Bank of India approves fund raising plan

Capital Market 

Bank of India's board has approved a proposal to raise up to Rs 10,000 crore through issue of bonds, preference shares.

The board of directors of Bank of India has considered and approved the issuance of upto 125 crore fresh equity shares through Qualified Institutions Placement, public issue, rights issue, private placement, or such other mode of issue as permitted at an appropriate time. The announcement was made after market hours yesterday, 6 December 2019.

The state-owned bank said its board has also approved issuance of such securities (including Tier I, Tier II bonds, preference shares) which may be classified for Tier I and/or Tier II capital on a private placement / public issue basis, in one or more tranches upto an amount of Rs 10,000 crore at an appropriate time.

Shares of Bank of India dropped 3.66% to settle at Rs 68.35 yesterday, 6 December 2019. The stock hit a 52-week high of Rs 110.05 on 07 January 2019. The stock hit a 52-week low of Rs 57.45 on 09 October 2019.

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

First Published: Sat, December 07 2019. 08:59 IST