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Bank of India to raise up to Rs 13,000 crore

Public sector Bank of India (BoI) plans to raise up to Rs 13,006 crore through a mix of instruments such as innovative perpetual debt, preference shares and Tier-II bonds to shore up capital adequacy ratio (CAR). The bank’s board has approved the proposal to raise funds, which is enabling provisions. The bank will raise capital based on credit growth and market conditions, said BoI Chief Financial Officer V K R Agarwal. The bank has a headroom to raise up to Rs 6,300 crore via Tier-I bonds and Rs 6,700 crore via Tier-II bonds. Its CAR stood at 13.01 per cent at the end of March 2009, ...