The company's board authorized and declared the opening of the issue on Tuesaday, 5 December 2023.

The floor price of Rs 105.42 is at a discount of 4.29% to the previous day's closing price of Rs 110.15 on the BSE.

The company may offer a discount of not more than 5% on the floor price so calculated for the issue.

The PSU bank said that the issue price will be determined by the bank in consultation with the book running lead managers appointed in relation to the issue.

The bank has also informed that a meeting of the capital issue committee is scheduled to be held on Friday, 8 December 2023 to consider and approve the issue price of the equity shares.

Bank of India is a state owned commercial bank with headquarters in Mumbai.The bank provides a wide range of banking products and financial services to corporate and retail customers. The bank provides specialized services for businesses (dealing in foreign exchange), NRIs, merchant banking, etc.

The bank’s standalone net profit jumped 51.9% to Rs 1,458.43 crore on 29% increase in total income to Rs 16,659.30 crore in Q2 FY24 over Q2 FY23.

The scrip added 0.77% to currently trade at Rs 111 on the BSE.