Bank of India looks to cut govt stake with follow-on equity offer in FY23

It is keen on bringing the holding down to 75%, which Sebi has been advising, the bank's MD and CEO Atanu Kumar Das said

Bank of India, which raised Rs 2,550 crore through a qualified institutional placement (QIP) in August, is considering a follow-on public issue next year to reduce the government’s holding to 75 per cent. The additional capital would also support growth in lending beyond March 2023.
 
With the mobilisation of the QIP money, the government’s stake in the public sector bank would reduce from about 90 per cent to 81 per cent. It is keen on bringing the holding down to 75 per cent, which the Securities and Exchange Board of India (Sebi) has been advising, the bank’s Managing Director