BoI gets Sebi's nod to raise up to Rs 3,000 cr via QIP

Market regulator Sebi has approved Bank of India's (BoI) proposal to raise up to Rs 3,000 crore through Qualified Institutional Placement (QIP), the state-owned bank said today.

"...Securities and Exchange Board of India (Sebi)... permitted the Bank to raise capital by way of issue of equity shares through Qualified Institutional Placement, subject to the receipt of the approval from the government of India," BoI said in a filing to BSE.

Sebi has also permitted the bank to achieve minimum public shareholding pursuant to QIP, the filing said.

"...it has been decided to accede to the request to permit the Bank to raise capital for the issue of equity shares aggregating to Rs 3,000 crore by way of QIP," it added.