Bank of India (BOI) is planning to raise Rs 16,000 crore. The bank plans to issue fresh equity shares up to an amount of Rs 8,000 crore in such a way that the government's shareholding does not fall below 51 percent. It also plans to issue perpetual debt instruments, including non-convertible debentures (NCDs), for an amount not exceeding Rs 8,000 crore. The allotment of securities shall be through qualified institutional placement (QIP), public issue, rights issue, private placement or such other mode of issue, with or without over-allotment option. The bank will seek shareholders' approval at its Extraordinary General Meeting (EGM) on September 19, 2020 for the same.
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