 "Bank of India climbs on plans of capital infusion")
Shares of government-owned bank, Bank of India are trading higher by nearly 3% at Rs 147 on the BSE after the company informed BSE that the Government of India (GOI) vide its letter dated August 19, 2015 informed its decision to infuse capital funds to the tune of Rs 2455 crore in the bank via preferential allotment of equity shares.
Meanwhile, the board of directors (BOD) decided to convene an extra-ordinary general meeting (EGM) of the shareholders on September 28, 2015, to get the shareholders' approval for the proposed preferential Issue of equity shares to government through special resolution.
Previously, the bank reported a lower-than-expected standalone net profit at Rs 130 crore for the quarter ended June 30, 2015 (Q1), due to higher provisioning for bad loans. It had posted a profit of Rs 806 crore in the same quarter last year. It had reported a net loss of Rs 56 crore in the March 2015 quarter.
The stock opened at Rs 145 and touched a high of Rs 148 on the BSE. A total of 241,475 shares changed hands on the BSE so far.