Bank of India to raise up to Rs 10,000 cr through bonds, preference shares

Bank of India on Friday said it plans to raise up to Rs 10,000 crore by issuing bonds or preference shares in one or more tranches at an appropriate time. The decision was taken at the board meeting of the bank held on Friday.

"The board of directors has considered and approved issuance of such securities (including tier I/II bonds, preference shares) on a private placement or public issue basis, in one or more tranches up to an amount of Rs 10,000 crore at an appropriate time," the bank said in a regulatory filing. The state-owned lender said the board approved issuance of up to 125 crore fresh equity shares through qualified institutions placement, public issue, rights issue, private placement or such other mode at an appropriate time.