Bank of India plans to raise Rs 2,776.20 crore

22 Feb 2012 Evaluate

State-owned, Bank of India (BoI) is planning to raise Rs 2,776.20 crore. In this regard, the bank will issue 70 million fresh equity shares on preferential basis to the government of India and Life Insurance Corporation of India (LIC). The bank also got its board approval for the same.

The fund raising would be subject to the approval of the shareholders and regulatory authorities. Further, it is also decided to convene an Extra Ordinary General Meeting of the shareholders on March 24, 2012 to take their approval.

Last fiscal, the bank got capital support of Rs 1,010 crore from the government. In 2010-11, the government provided capital support to the tune of Rs 20,157 crore to public sector banks.

Most of the public sector banks got capital support from the government last fiscal. These banks included Bank of Baroda, Union Bank of India, Oriental Bank of Commerce, UCO Bank and Dena Bank.

Bank Of India Share Price

102.95 -3.60 (-3.38%)
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Peers
Company Name CMP
SBI 812.50
Bank Of Baroda 240.30
Canara Bank 99.65
PNB 100.70
Union Bank Of India 116.60
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