Curving its strategies Bank of India plans to Raise ₹ 2,500 Crore Through Equity Shares

Stated owned Bank of India on Monday said it will raise up to Rs 2500 crore by issuing new share of equity.

The board of directors of the bank at its meeting held on April 25, 2022, considered and approved the capital raising plan up to ₹ 2,500 crore by issuing fresh equity capital in the form of Qualified Institutional Placements (QIP), Follow-on Public Offer (FPO) or preferential issue,” BOI said in a regulatory filing.

The main purpose of the capital raising plan is to increase the minimum public shareholding from the present 18.59 per cent to 25 per cent or above in order to comply with the minimum public shareholding requirements as per the Securities and Exchange Board of India (SEBI) rules, it added.

The consent of the shareholders is taken during Annual General Meeting [AGM] called purposely for this, before passing such a big decision in the public.

Stock of Bank of India ended at ₹ 48.75 apiece on BSE, down by 1.52 per cent from the previous close.