Centre to infuse Rs. 10,086 cr into Bank of India

Aakash Makhija
/ Categories: Trending, DSIJ News

State-owned Bank of India on Saturday said the government has decided to infuse Rs. 10,086 crore in the bank as part of Rs. 28,615 crore capital infusion to be done in about half a dozen public sector lenders.

The capital infusion was informed by the Finance Ministry to the bank on Wednesday (December 26), Bank of India said in a regulatory filing.

The capital infusion would be via preferential allotment of shares, it said.

The circular resolution would be considered by the board of directors on or after January 2, 2019, the proposal for raising capital by this infusion and further issue of equity shares at an appropriate time and other incidental matters, it said.

The government has decided to pump Rs. 28,615 crore into seven public sector banks (PSBs) through recapitalisation bonds soon. United Bank of India, one of the seven PSBs has also received capital infusion communication from the finance ministry. The government has already disbursed Rs. 23,000 crore of the announced infusion of Rs. 65,000 crore in PSBs in 2018-2019, while Rs. 42,000 crore is remaining.

On Monday, the stock of Bank of India opened at Rs. 103.95 per share and touched a high/low of Rs. 105.15/103.30 per share.

Previous Article HCC spurts up by 17 per cent post rights issue
Next Article BASF India transfers pigments business
Rate this article:
3.0

DALAL STREET INVESTMENT JOURNAL - DEMOCRATIZING WEALTH CREATION

Principal Officer: Mr. Shashikant Singh,
Email: principalofficer@dsij.in
Tel: (+91)-20-66663800

Compliance Officer: Mr. Rajesh Padode
Email: complianceofficer@dsij.in
Tel: (+91)-20-66663800

Grievance Officer: Mr. Rajesh Padode
Email: service@dsij.in
Tel: (+91)-20-66663800

Corresponding SEBI regional/local office address- SEBI Bhavan BKC, Plot No.C4-A, 'G' Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra.
Tel: +91-22-26449000 / 40459000 | Fax : +91-22-26449019-22 / 40459019-22 | E-mail : sebi@sebi.gov.in | Toll Free Investor Helpline: 1800 22 7575 | SEBI SCORES | SMARTODR