BoI to take stake in brokerage firm Asit C Mehta

The board of directors of Bank of India (BoI), at its meeting held on June 30, 2005, has approved an investment not exceeding Rs 5 crore to acquire 5-10% stake in Asit C Mehta Investment Intermediaries (ACMIIL).

According to a release issued by the bank to the BSE today, the proposal is subject to the approval of RBI.

"The bank in the process of entering into a tie-up arrangement with ACMIIL for launching capital market related products, and necessary intimation to RBI/Sebi have been made in this regard," the release added.

The plan is to offer services like on-line trading in shares, spot financing, normal lending against demat shares and IPO financing, the release said.

The board meet also approved acquisition of 10 lakh shares of UTI Infrastructure and Services, a wholly-owned company of the Specified Undertaking of the Unit Trust of India (SUUTI), at Rs 10/- each for an aggregate consideration of Rs one crore.