The board of state-owned Bank of India (BoI) on Tuesday approved plans to raise Rs 6,500 crore from various means, including share sale, to fund business growth in 2023-24.
The proposal in this regard was cleared by the board in a meeting held on Tuesday, BoI said in a regulatory filing.
The board considered and approved the proposal of raising capital for the FY 2023-24, aggregating up to Rs 6,500 crore, it said.
The bank’s board decided on the proposal to raise funds by issuance of fresh equity capital in the form of qualified institutional placement or rights issue or preferential issue and/or Basel III compliant Additional Tier-1 (AT-1) bonds (domestic and foreign currency) up to an amount of Rs 4,500 crore, it said.
The remaining Rs 2,000 crore is planned to be raised by issuance of Basel III compliant Tier-2 bonds, it said. PTI DP MR
