Bank of India on Friday said it plans to raise up to Rs 10,000 crore by issuing bonds or preference shares in one or more tranches at an appropriate time.
The decision was taken at the board meeting of the bank held on Friday.
"The board of directors has considered and approved issuance of such securities (including tier I/II bonds, preference shares) on a private placement or public issue basis, in one or more tranches up to an amount of Rs 10,000 crore at an appropriate time," the bank said in a regulatory filing.
The state-owned lender said the board approved issuance of up to 125 crore fresh equity shares through qualified institutions placement, public issue, rights issue, private placement or such other mode at an appropriate time.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.