Business Daily from THE HINDU group of publications
Friday, Dec 21, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Dec 21, 2007 ePaper | Mobile/PDA Version |
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Money & Banking
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Public Sector Banks BoI to raise capital via QIP Mumbai, Dec 20 Bank of India today said in a notice to the Bombay Stock Exchange that it is considering raising equity shares capital through the Qualified Institutional Placement (QIP) route. The final decision will be taken at a meeting of the board of directors of the bank on December 27, the BSE notice said. According to a senior official, the bank is likely to divest about 5 per cent of equity stake through this equity issue. The money will be used for business growth in the next year. "Our capital requirement will increase next year, as we are one of the banks due for implementing Basel II norms by March 31, 2008." The bank's capital adequacy ratio is currently 12.57 per cent and post the equity issue it may go up by 1 per cent, the official said. "But we have yet to take into account the impact of ratings on our portfolio," he added. Shares of Bank of India ended at Rs 351.25, up 0.54 per cent against the previous close of Rs 349.4. - Our Bureau
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