Bank of India has allotted 1,75,00,000 fresh equity shares of Rs 10 each on preferential basis to Life Insurance Corporation of India (LIC) at a price of Rs 126.81 per share.
The Bank has reported a net loss of Rs 1045.54 crore for the quarter ended March 31, 2017 as compared to a net loss of Rs 3587.11 crore for the same quarter in the previous year. However, total income of the Bank increased by 8.35% at Rs 12335.71 crore for quarter under review as compared to Rs 11384.91 crore for the quarter ended March 31, 2016.