This public sector bank to raise Rs 6,500 crore for expansion!

Shares rose by 2.15 per cent on Thursday

Bank of India is planning to raise capital for the FY 2023-24 aggregating up to Rs 6,500 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) up to an amount of Rs 4,500 crore and by issue of Basel III compliant Tier-2 bonds up to an amount of Rs 2,000 crore. 

The state-owned bank’s Board of Directors will conduct a meeting on April 18, 2023, in which it will discuss the capital raising plan for FY24 through the issuance of equity capital as well as bonds. 

Bank of India offers wide range of services such as Personal banking, Corporate, Rural, MSME, Retail, NRI services, Cards/ATM etc. 

On April 13, 2023, scrip opened at Rs 75.99 and has touched a high and low of Rs 77.60 and Rs 74.79, respectively. So far 9,29,110 shares were traded on the counter. 

This stock has face value of Rs 10 has touched a 52-week high of Rs 103.50 and a 52-week low of Rs 40.40. 

The promoters holding in the company stood at 81.41 per cent, while Institutions and Non-Institutions held 13.02 per cent and 5.56 per cent, respectively.