Search
Bank of India plans to raise equity capital in FY23
April 21, 2022
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.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://ask.careers/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/
- Mumbai: https://ask.careers/cities/mumbai/
- TSCFM: https://ask.careers/institutes/tscfm/
