Bank of India (BoI) is planning to raise Rs 1,500 crore as a combination of tier-2 and upper tier-2 capital in the next one year. A substantial amount of this would be raised from the overseas market, M Balachandran, CMD of BOI, said on the sidelines of banking conclave organised by FICCI in Kolkata today.BoI plans to raise Rs 500 crore from domestic market immediately. Later on it may look for overseas funding lines too. "We have sought permission from Reserve Bank for raising fund from overseas markets which is cheaper. We are now waiting for RBI approval," he said. However, he refused to disclose how much the bank wants to raise from overseas market. "We are expanding our overseas presence so the bank needs overseas funds," Balachandran said. BoI is in the final stages to float a wholly-owned subsidiary in Tanzania. "It will be finalised soon," he said. BoI recently part financed an overseas acquisition of Delhi based Aban Lloyd. "We have financed $120 million in the $ 400 million acquisition of oil equity in Netherlands by the outfit," he added. Commenting on the business, he said the bank is expecting 18% growth in deposits and 25% growth in advances in the current fiscal.
