Bank Of India Public Issue Oversubscribed1.86 Times

Bank of Indias (BoI) maiden public issue, which closed on February 28, was oversubscribed 1.86 times.

According to a BoI release ,nearly 4.3 lakh individual investors and 57 institutions applied for the banks offer of 15 crore equity shares of Rs 10 each at a premium of Rs 35 per share aggregating Rs 675 crore.

Bank of India marketed its issue through its branch network and staff members.

The bank attributes this largely to the zeal and commitment of its own staff, which lent a helping hand in the mobilisation drive, said the release.

Nearly, 50 per cent of its investors are from urban and semi-urban areas.

 

And around 37 per cent are from the metropolitan areas.

That apart, rural investors participation is at around 13 per cent, indicating that the bulk of subscriptions have come from small and medium investors.

Besides, employee portion, which was reserved to the extent Rs 67.5 crore, was also overscribed. The average collection per branch was Rs 5 lakh in rural branches, Rs 30 lakh in urban and semi-urban branches and

Rs 60 lakh in metropolitan branches.