Bank of India said that its board has approved the capital raising plan upto Rs 2,500 crore by issue of fresh equity capital via qualified institutional placement (QIP) or follow on public offer (FPO) or preferential issue.
The government backed lender said that the main purpose of capital raising plan is to increase the minimum public shareholding from the present 18.59% to 25% or above in order to comply with the minimum public shareholding requirements.
For this purpose, the bank has decided to obtain the permission of shareholders in the ensuing annual general meeting or the extra-ordinary general meeting called for this purpose.
Bank of India is a public sector bank. The Government of India held 81.41% stake in Bank of India as on 31 December 2021.
The bank reported a 90% rise in standalone net profit to Rs 1,027 crore in Q3 FY22 from Rs 541 crore in Q3 FY21. Total income during the quarter decreased by 8% YoY to Rs 11,211 crore.
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