Jan 09, 2013, 11.33 AM | Source: Moneycontrol.com
State-owned lender Bank of India rallied as much as 1.75 percent intraday on Wednesday on fund raising plan.
Yesterday in a meeting, the board of directors of the bank have approved the raising of Tier-I capital by issue fresh equity shares to the Government of India (promoters) or to other investors, on preferential basis or otherwise, subject to necessary approvals.
The government of India owns holds 62.72 percent stake or 35.99 crore equity shares of the bank.
At 09:37 hours IST, the stock rose 1.51 percent to Rs 370.40 on Bombay Stock Exchange. The share price surged 21 percent in last one month and 26 percent in one year.