Moneycontrol PRO
Upcoming Event:Attend Algo Convention Live, 2 Days & 12+ Speakers at best offer Rs.999/-, exclusive for Moneycontrol Pro subscribers. Register now!
you are here: HomeNewsBusiness

Bank of India plans Rs 2,500 crore equity capital raise to comply with minimum public shareholding norms

The main purpose of the capital raising plan is to increase the minimum public shareholding from the present 18.59 per cent to 25 per cent or above in order to comply with the minimum public shareholding requirements as per the SEBI rules, BoI said.

April 25, 2022 / 06:49 PM IST
Representative image

Representative image

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

State-owned Bank of India (BoI) on Monday said it will raise up to Rs 2,500 crore by issuing fresh equity shares in order to comply with the minimum public shareholding requirement of 25 per cent.

"The board of directors of the bank at its meeting held on April 25, 2022, considered and approved the capital raising plan up to Rs 2,500 crore by issuing fresh equity capital in the form of QIP/FPO/preferential issue,” BoI said in a regulatory filing.

The main purpose of the capital raising plan is to increase the minimum public shareholding from the present 18.59 per cent to 25 per cent or above in order to comply with the minimum public shareholding requirements as per the SEBI rules, it added.

The lender said it has decided to seek permission of its shareholders in the ensuing annual general meeting (AGM)/extra-ordinary general meeting (EGM) called for this purpose.

Stock of Bank of India ended at Rs 48.75 apiece on BSE, down by 1.52 per cent from the previous close.



Download your money calendar for 2022-23 here and keep your dates with your moneybox, investments, taxes

PTI
first published: Apr 25, 2022 06:49 pm
Sections
ISO 27001 - BSI Assurance Mark