Bank of India plans to raise Rs 6,500 crore in FY24

New Delhi: State-owned Bank of India plans to raise Rs 6,500 crore from various means including share sale to fund business growth in 2023-24.

The proposal in this regard would come before the board in its meeting scheduled April 18, Bank of India said in a regulatory filing.

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The board would be considering, at their meeting proposed April 18, the proposal of raising capital for the FY 2023-24 aggregating up to Rs 6,500 crore, it said.

The board would decide on the proposal of raising fund by issue 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, it said.

The remaining Rs 2,000 crore is planned to be raised by issue of Basel III compliant Tier-2 bonds, it said.

PTI