Bank of India, the country’s largest state-owned lender, has received an approval for raising of Tier-1 and Tier-2 capital by issue & Fresh Equity Shares and Tier-1 and Tier-2 Bonds at an appropriate time subject to all necessary approvals. The board of directors at its meeting has approved for the same.
Global credit rating agency, Standard & Poor’s has recently lowered the bank’s Standalone Credit Profile (SACP) to ‘BB+’ from ’BBB-‘. The rating agency expects bank’s asset quality to remain weak over the next 12 months.
