Page 9 - Bank Of India

Bank of India announces closure of QIP issue; raises Rs 2,550 cr

Bank of India on Tuesday announced the closure of its QIP issue and said that it has raised Rs 2,550 crore by issuing more than 40.5 crore shares to the qualified institutional buyers. The capital issue committee at its meeting held on August 31, 2021 has approved the issue and allotment of 40,54,71,866 equity shares to eligible qualified institutional buyers (QIBs) at an issue price of Rs 62.89 per share, aggregating to Rs 2,550.01 crore, Bank of India said in a regulatory filing on Tuesday. The issue had opened on August 25, and closed on August 30, 2021, and the bank had targeted to raise up to Rs 3,000 crore equity capital through this issue. LIC, ICICI Prudential Life Insurance Company and Bajaj Allianz Life Insurance Company are the three investors who subscribed to more than 5 per cent of the equity offered in the qualified institutional placement (QIP) issue. Life Insurance Corporation (LIC) has been allotted 15,90,07,791 shares (39.22 per cent), while ICICI Pru Life and Ba

Govt extends tenure of Canara, Bank of India EDs by 2 years

The government has extended the tenure of two executive directors of Canara Bank and Bank of India for two years, the state-run lenders said on Monday. Canara Bank in a regulatory filing said that the central government has extended the term of office of A Manimekhalai, Executive Director, for a period of two years beyond her currently notified terms that expires on 10 February 2022, or until further orders, whichever is earlier. Bank of India in a separate filing said that the term of office of P R Rajagopal, Executive Director, has been extended for a period of two years, beyond his currently notified term or until further orders, whichever is earlier. His current term was to expire on February 28, 2022, the bank said. The banks said the government informed them about the extension given to these executive directors through notifications on August 26, 2021. The government last week extended the term of executive directors of various public sector banks. It also extended the terms

Govt extends tenure of Bank of India executive director Rajagopal by 2 yrs

State-run Bank of India on Monday said the government has extended the term of its executive director P R Rajagopal by two years. The central government vide notification No. dated 26 August 2021 extended the term of office of P R Rajagopal, Executive Director of the Bank for a period of two years, beyond his currently notified term or until further orders, whichever is earlier, the bank said in a regulatory filing. His current term was to expire on February 28, 2022. The government last week extended the term of executive directors of various public sector banks. It also extended the terms of MD & CEOs of Punjab National Bank and Bank of Maharashtra.

F&O expiry: Sensex ends choppy trade on flat note, gains 6% in Aug series

Sectorally, the metals pack bled the most, down 1.3 per cent, followed by the PSB Index (down 0.8 per cent)

Bank of India plans to raise Rs 3,000 cr equity capital via QIP

The bank will also utilise the proceeds of the QIP for developing app based retail loan applications and offer electronic bill discounting facility, they added.

Bank of India Q1 net down 14.7% to Rs 720 cr on higher bad-loan provisions

Net interest income declines to Rs 3,145 crore from Rs 3,481 crore a year ago; net interest margin fell to 2.16 per cent in Q1FY22 from 2.48 per cent

Bank of India Q1 net profit falls 15% to Rs 720 cr

Bank of India on Tuesday reported a 14.7 per cent decline in net profit at Rs 720 crore for the June quarter. The bank had posted a net profit of Rs 843.60 crore in the year-ago period. However, the net profit was up sequentially from Rs 250.19 crore recorded in the three months ended March 2021. In the first quarter of the current fiscal, the lender's total income was down at Rs 11,698.13 crore. In the year-ago period, it stood at 11,941.52 crore, according to a regulatory filing. The bank's gross Non-Performing Assets (NPAs) fell marginally to 13.51 per cent of the gross advances at the end of June this year from 13.91 per cent in the same period a year ago. Net NPAs or bad loans were down at 3.35 per cent in the latest June quarter compared to 3.58 per cent in the year-ago period. Provisions for bad loans and contingencies for the quarter under review were raised to Rs 1,709.12 crore. The same was at Rs 1,512.07 crore in the same period a year ago. On a consolidated basis, the

Govt banks continue to have truncated boards, 10 don't even have a chairman

Meeting quorum of board sub-committees becomes difficult sometimes, say bankers

Good show by banks but can they sustain it?

Till March, banks could hold on but not all of them will be in a position to stomach the impact of the second wave of the pandemic

Bank of India allots shares to govt for Rs 3,000 crore capital infusion

State-owned Bank of India on Friday said it has allotted preference shares to the government for Rs 3,000 crore capital infusion. The bank has allotted 42,11,70,854 fresh equity shares of Rs 10 each to the government (promoter) at Rs 71.23 per share, amounting to Rs 3,000 crore through preference issue, Bank of India said in a regulatory filing. Shares of the bank closed 0.37 per cent up at Rs 80.45 apiece on BSE.

Reserve Bank imposes penalty on Bank of India, PNB totalling Rs 6 crore

The RBI on Monday imposed penalty aggregating to Rs 6 crore on Bank of India and Punjab National Bank for contravention of norms

Top headlines: RBI keeps interest rates unchanged; BoI posts profit in Q4

RBI keeps interest rates unchanged, announces measures to support economy

Bank of India to allot preferential shares to govt for Rs 3,000 crore

Bank of India said it has convened an extra-ordinary general meeting of shareholders this month for seeking approval to the allotment of preferential shares to the government for Rs 3,000 crore

Govt to infuse Rs 14,500 crore in 4 banks, issue recapitalisation bonds

Special securities shall be non-interest bearing and no interest shall be payable on issue of the securities

Stocks to watch: Laxmi Organic, Craftsman, Jubilant Food, BoI, RVNL, Airtel

Pokarna Engineered Stone, a wholly-owned subsidiary of Pokarna, has started commercial production at its second quartz surface manufacturing facility, with effect from March 24

Bank of India to issue Basel III compliant bonds to raise up to Rs 750 cr

Bank of India on Wednesday said it will raise up to Rs 750 crore by issuing Basel III compliant bonds.

Winners' curse: Top bosses at PSBs see their term ending much before time

Govt has appointed 14 EDs at public-sector banks; their performance will be reviewed after three years for a two-year extension

Nifty PSU Bank index up 47% in Feb on improved earnings, privatisation buzz

Indian Overseas Bank, Central Bank of India, Bank of Maharashtra, Bank of India, and Punjab & Sind Bank have seen their share price zoom between 53 per cent and 80 per cent in the last week

HEG, Linde: Despite 50% rally in Feb, these 14 stocks can rise another 25%

The technical outlook continues to show more upside in these stocks

Size, branch reach make Bank of India an attractive privatisation candidate

First to exit PCA in 2019, the bank's efforts to better its asset quality is yielding results