Bank of India (BoI) has received an approval to raise Rs 6,500 crore from various means to fund business growth in 2023-24. The bank is planning to raise funds by issuance of fresh equity capital in the form of qualified institutional placement or rights issue or preferential issue and/or Basel III compliant Additional Tier-1 (AT-1) bonds (domestic and foreign currency) up to an amount of Rs 4,500 crore. The remaining Rs 2,000 crore is planned to be raised by issuance of Basel III compliant Tier-2 bonds. The proposal in this regard was cleared by the board in a meeting held on April 18, 2023.
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