Bank of India is mulling to raise up to Rs 2,500 crore in fresh equity capital as it requires to increase the public shareholding in the bank to 25 per cent e in order to comply with the minimum public shareholding requirements. Presently, public shareholding in Bank of India is 18.59 per cent.
The bank proposes to raise fresh equity shares for cash as such premium up to an amount of Rs 2,500 crore in such a way that the central government shall at all times hold not less than 51 per cent of the paid-up capital of the bank, whether at a discount or premium to the market price. The capital is to be raised during the period of one year from the date of passing of the resolution in one or more tranches and it will seek shareholders' approval for the same in its ensuing annual general meeting on July 15, 2022.
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