BoI to raise up to Rs 7,700 cr through fresh equity issue

Bank of India's board has approved the proposal to raise funds by issuing 180 million fresh shares. This would help the bank raise Rs 7,700 crore at the current market price. “We want to maintain a capital adequacy ratio of 13 per cent, with Tier-I capital of 9 per cent. We want to be comfortable, as far as capital is concerned, for the next two-three years,” said CMD Alok Misra.