Bank of India board approves Rs 2,500-cr fundraising plan

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Bank of India said its board has approved the plan to raise capital up to Rs 2,500 crore by issuing new equity through a Qualified Institutional Placement (QIP) or follow-on public offering (FPO) or a preferential issue.

The government-backed lender said the main objective of the capital-raising plan is to increase minimum public ownership from the current 18.59% to 25% or more in order to comply with minimum public ownership requirements.



To this end, the bank has decided to obtain the shareholders’ authorization at the next annual general meeting or at the extraordinary general meeting convened for this purpose.

Bank of India is a public sector bank. The Indian government held 81.41% of the capital of Bank of India as of December 31, 2021.

The bank reported a 90% increase in its standalone net profit to Rs 1,027 crore in Q3 FY22 from Rs 541 crore in Q3 FY21. Total revenue in the quarter fell 8% year-on-year to Rs 11,211 crore.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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