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Hot Pursuit
19-Apr-23
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Bank of India gains after board OKs fund raising proposal
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Bank of India rose 1.29% to Rs 81.81 after the bank said that its board has approved the raising of capital for FY2023-24, aggregating up to Rs 6,500 crore.
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The bank will issue fresh equity capital in the form of FPO / QIP / Rights Issue / Preferential Issue and / or Basel III compliant additional tier-1 (AT-1) bonds (domestic and foreign currency) upto an amount of Rs 4,500 crore.
The bank will also issue Basel III compliant Tier-2 bonds upto an amount of Rs 2,000 crore.
Bank of India is a public sector bank. The Government of India held 81.41% stake in the bank as on 31 March 2023.
The state-run bank's net profit increased 12% to Rs 1,151 crore on 26.3% rise in total income to Rs 14,159.60 in Q3 FY23 over Q3 FY22.
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