Bank of India said its board approved the opening of Qualified Institutional Placement (QIP) on August 25 and the floor price of Rs 66.19 per equity share.
The capital issue committee of the bank at its meeting approved and adopted the preliminary placement document cum application form for the issue and authorised the opening of the issue on Wednesday (August 25, 2021), Bank of India said in a regulatory filing.
The state-owned bank is raising funds to fund business growth and meet regulatory compliance. The bank may at its discretion offer a discount of not more than 5% on the floor price so calculated for the Issue.
Shares of Bank of India rose 2.04% to settle at Rs 64.90 yesterday.
Bank of India is a public sector bank. The Government of India held 90.34% stake in Bank of India as on 30 June 2021.
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