Money & Banking

BoI to raise equity capital

Our Bureau Mumbai | Updated on February 03, 2011

The board of Bank of India approved a proposal to raise Tier I capital through the issue of three crore fresh equity shares, the bank said in an announcement on the BSE on Thursday. The bank would raise the capital through any route such as preferential issue, rights issue, follow on public issue, ADR or GDR at an appropriate time, said the BSE announcement. An official of the bank said this is merely an enabling provision and the bank will raise the capital at an appropriate time. This will help to maintain the Tier I capital at 9 per cent or more. Currently BoI's Tier I capital is 8 per cent without adding the accrued profits and 8.7 per cent if the profits are added.

Published on February 03, 2011

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