Bank of India (BOI) is planning to infuse $32 million into its subsidiary in Indonesia - Bank of India Indonesia (BOII) Tbk to shore up capital adequacy to support business expansion including foreign exchange activity. At present, capital base is about $45 million and would grow to over $80 million after equity infusion by shareholders. Bank would firm up business plans and present them to regulator soon.
BOI holds 76% stake in subsidiary listed on stock exchange in Indonesia while public holding is about 5% and non-residents another 2%. PT Banca Mantra Jaya has 17% stake, according to annual report for FY2013. Bank follows a January-December as a financial year.
