Bank of India climbs on planning to raise fresh equity capital up to Rs 2,500 crore
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Bank Of India is currently trading at Rs. 44.35, up by 1.85 points or 4.35% from its previous closing of Rs. 42.50 on the BSE.
The scrip opened at Rs. 42.50 and has touched a high and low of Rs. 44.40 and Rs. 41.50 respectively. So far 406877 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 81.50 on 22-Jun-2021 and a 52 week low of Rs. 40.40 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 45.25 and Rs. 40.40 respectively. The current market cap of the company is Rs. 18035.17 crore.
The promoters holding in the company stood at 81.41%, while Institutions and Non-Institutions held 11.79% and 6.80% respectively.
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.
Bank of India offers wide range of services such as Personal banking, Corporate, Rural, MSME, Retail, NRI services, Cards/ATM etc.
