New Delhi: State-owned Bank of India said in a regulatory filing that "the Board of Directors of the Bank at their meeting held on Tuesday inter-alia considered and approved the raising of capital for the FY 2023-24 aggregating up to Rs.6,500 crores." Further, it said, the bank aims to raise Rs 4,500 crores by issuing "fresh Equity Capital in the form of FPO / QIP / Rights Issue / Preferential Issue and/or Basel III compliant Additional Tier-1 (AT-1) bonds (domestic and foreign currency)."

The filing also noted that the bank aims to raise an amount of Rs 2,000 crores by issuing Basel III-compliant Tier-2 bonds. The bank also said, "In the ensuing Annual General Meeting / Extra-ordinary General Meeting that may be convened with respect to the above proposal, approval of shareholders shall be obtained for the above-said proposal."

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)