Bank of India soars 3% on receipt of funds from govt

State-controlled lender Bank of India gained nearly 3 percent on Thursday as the bank received Rs 809 crore from the Government of India, its largest shareholder.

On March 6, Bank of India alloted 2,21,21,957 crore shares to the government at Rs 365.70 per share on a preferential basis.
The government holds 62.72 percent stake in bank as of December 31, 2012. Post share allotment, the government's stake increased to 64.10 percent.
Meanwhile, LIC holds 13.47 percent stake and Lazard Asset Management LLC 4.04 percent in the bank.
 
At 10:11 hours IST, shares went up 1.76 percent to Rs 320.30 on Bombay Stock Exchange.