Bank Of India To Issue Fresh Equity Shares Worth Rs 2,500 Crore, Share Price Surges | Details Here

Bank of India: According to SEBI guidelines, a company must have a minimum public shareholding of 25 per cent. Currently, BoI has a public shareholding equalling 18.59 per cent.

New Delhi: In order to comply with the minimum public shareholding requirement, the state-owned Bank of India (BoI) said that it will raise up to Rs 2,500 crore by issuing fresh equity shares. In a filing, the bank said, “The board of directors of the bank at its meeting held on April 25, 2022, considered and approved the capital raising plan up to Rs 2,500 crore by issuing fresh equity capital in the form of QIP/FPO/preferential issue.”

The issuance of fresh equity shares, according to media reports, will raise the minimum public shareholding percentage from the current 18.59 per cent to 25 per cent. 25 per cent is the minimum limit set by the Securities Exchange Board of India (SEBI).

According to reports, the bank said it has decided to seek the permission of its shareholders in the ensuing annual general meeting (AGM)/extra-ordinary general meeting (EGM) called for this purpose.

Bank of India share price

On Tuesday, the Bank of India share price was Rs 49.20 per equity share. On Monday, the share closed at Rs 48.75. On April 26, the share touched Rs 50 apiece, briefly.

(With PTI inputs)