Latest News | Bank of India Board Approves Proposal to Raise Rs 6,500 Crore in FY24
Get latest articles and stories on Latest News at LatestLY. The board of state-owned Bank of India (BoI) on Tuesday approved plans to raise Rs 6,500 crore from various means, including share sale, to fund business growth in 2023-24.
New Delhi, Apr 12 (PTI) The board of state-owned Bank of India (BoI) on Tuesday approved plans to raise Rs 6,500 crore from various means, including share sale, to fund business growth in 2023-24.
The proposal in this regard was cleared by the board in a meeting held on Tuesday, BoI said in a regulatory filing.
The board considered and approved the proposal of raising capital for the FY 2023-24, aggregating up to Rs 6,500 crore, it said.
The bank's board decided on the proposal to raise funds by issuance of fresh equity capital in the form of qualified institutional placement or rights issue or 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, it said.
The remaining Rs 2,000 crore is planned to be raised by issuance of Basel III compliant Tier-2 bonds, it said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)