Bank of India gets Board nod to raise up to Rs 10,000 crore

State-run Bank of India today said its Board has approved plans to raise up to Rs 10,000 crore, at an appropriate time, by way of raising fresh equity shares.
"The Board of Directors of the bank...At its meeting held today, have approved the capital plan for raising of up to 82 crore fresh equity shares...
"... Tier-I and tier-II capital by issue of bonds/ preference shares for an amount of Rs 10,000 crore at an appropriate time subject to all necessary approvals," the bank said in a BSE filing.
Meanwhile, the public sector lender posted a net loss of Rs 1,505.58 crore for the quarter ended December 2015, mainly on account of higher provisioning for bad loans.

It had a net profit of Rs 1,733.80 crore in the October-December quarter of last fiscal.
Shares of the bank closed 5.96 per cent down at Rs 85.20 apiece on the BSE.