Board of Bank of India approves raising funds worth Rs 6,500 cr

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."

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