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Bank of India plans to raise equity capital in FY23

April 21, 2022

Bank of India plans to raise equity capital in FY23
Public sector lender Bank of India plans to raise fresh capital of up to ₹2,500 crore in the current financial year (FY23) for business growth.

Its board is slated to meet on April 25, 2022 to consider a capital raising proposal via a further issue of equity shares, BOI informed BSE.
 
It could look at options qualified institutional placement (QIP), follow-on public offer and the preferential issue of shares.
 
The bank’s capital adequacy ratio stood at 16.66 percent in December 2021, up from 12.51 percent in December 2020.
 
For a long time (April-December 2021), net benefit rose to ₹2,798.4 crores from ₹1,910.1 crores in a similar period in the last financial year (FY21).
 
In September 2021, it had brought ₹1,800 crore up in capital through level II bonds. In August 2021 it tapped institutional investors to bring ₹2,550 crore up in value capital. Before it in March 2021, the government of India infused ₹3,000 crore as capital through zero coupon bonds (ZCB).
 
The Reserve Bank of India had hailed worry at the recapitalization of public sector banks through zero-coupon bonds (ZCBs). The limiting, to be done by fair-value technique, could split the bonds’ value to about ₹1,500 crore.
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