Bank of India planning to raise fund through equity shares

Bank of India

Public lender Bank of India is likely to propose its next fund raise plans through several options including further issue of equity shares via QIP and bonds, during its upcoming meeting with its Board of Directors.

Bank of India

The tentative meeting is scheduled for August 3.

On Wednesday the shares of the bank went up after the announcement.

“The Board of Directors of the Bank of India would be considering at their meeting proposed on August 3, 2020, the proposal of raising funds including by way of a further issue of equity shares, bonds etc. through various modes which may include issue of equity shares through a Qualified Institutions Placement (QIP) at an appropriate time subject to receipt of applicable regulatory and/or statutory approvals including approval from shareholders of the bank,” the bank said in a regulatory filing.

Lately, several lenders, both private and public, are exploring fund raise options.

Also Read: Bank of India, Indian Overseas Bank report NPA discrepancies

Bank of India’s board is also likely to consider and approve its unaudited (reviewed) financial results for the quarter that ended June 30 in its meeting scheduled next week.

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