Bank of India to raise 6,500 cr funds in Q1 FY24

by Psu Connect
Date: 19-04-23

This is to inform that the Board of Directors of the Bank at their meeting held on 18th April 2023, inter-alia considered and approved the raising of capital for the FY 2023-24 aggregating upto Rs. 6,500 crores.

Bank of India to raise 6,500 cr funds in Q1 FY24

New Delhi: Mumbai-based Indian public sector bank, Bank of India on Tuesday, April 18 in its board meeting announced the raising of funds in the first quarter of the financial year of 2023-24. The bank mentioned that the lender will raise capital to Rs 6,500 crore. The Board of Directors approved raising through the issuance of equity capital and bonds.

BOI in its BSE filing said, "This is to inform that the Board of Directors of the Bank at their meeting held on 18th April 2023, inter-alia considered and approved the raising of capital for the FY 2023-24 aggregating upto Rs. 6,500 crores by the issue of fresh Equity Capital in the form of FPO / QIP / Rights Issue / Preferential Issue and/or Basel III compliant Additional Tier-1 (AT-1) bonds (domestic and foreign currency) upto an amount of Rs.4,500 crores and Basel III compliant Tier-2 bonds upto an amount of Rs.2,000 crores

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