In a bid to fund its business growth and meet global risk norms, Bank of India is planning to raise up to Rs 641.99 crore by selling shares to Life Insurance Corp and New India Assurance Company.
The bank has decided to issue and allot up to 2.26 crore of Rs 10 each for cash at Rs 283.50 per share, including premium of Rs 273.50 per equity share, at a price as determined in accordance with Sebi regulation aggregating up to Rs 641.99 crore on preferential basis.
LIC currently holds 12.53% stake in Bank of India. Following the fresh investment, stake of LIC would further go up.