Bank of India's board nods Rs2,500 crore fund raise plan; stock adds ~1%

26 Apr 2022 , 12:37 PM

Bank of India Limited informed that in its meeting held on April 25, 2022, the Board of Directors of the company interalia considered and approved the capital raising plan upto Rs2,500 crore by way of issue of fresh Equity Capital in the form of QIP/ Preferential Issue/FPO.

The main purpose of this fund raise plan is to increase the minimum public shareholding from the existing 18.59% to 25% or above in compliance with the minimum public shareholding requirements of the Security Contracts (Regulation) Rules, 1957 and SEBI (LODR) Regulations, 2015.

For this purpose, Bank will obtain the permission of shareholders in the upcoming Annual General Meeting / Extraordinary General Meeting called for this purpose, dates not decided yet by the company.

Bank of India is currently trading at Rs49.30 up by Rs0.55 or 1.13% from its previous closing of Rs48.75 on the BSE. So far in the day, it touched a high and low of Rs49.90 and Rs49.10 respectively.