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Hot Pursuit
12-Apr-23
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Bank of India board to mull fund raising upto Rs 6,500 cr
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The public lender said that its board would be considering the proposal of raising capital for the FY24 at their meeting proposed on 18 April 2023, aggregating upto Rs 6,500 crore.
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The boad will consider raising upto Rs 4,500 crore by issue of 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).
The company may 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 December 2022.
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.
The scrip slipped 1.38% to currently trade at Rs 75.74 on the BSE.
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