Public sector lender Bank of India (BOI) has raised over Rs 641.99 crore by issuing shares on preferential basis to LIC and New India Assurance. The bank approved the fund raising plans in its extra-ordinary general meeting held on March 7, 2015. The issue price of shares include premium of Rs 10 per unit.
Accordingly, upon receipt of funds from LIC and the New Indian Assurance Company, the bank has allotted the said equity shares in terms of SEBI Regulations.