On Monday, 25 April, the Board of Bank of India (BoI) approved the decision to issue new equity shares of 2500 crores. The bank has said in its filing that new equity shares of 2500 crores can be issued in the form of qualified institutional placement (QIP), follow on public offer (FPO) or preferential issue.
Public sector Bank of India (BoI) on Monday said it will raise Rs 2,500 crore by issuing fresh equity shares. The bank is taking this step to comply with the minimum public shareholding rules of 25 percent. It is necessary to do this under the new rules of SEBI. At present, 81.41 percent of the shares of the bank are with the Government of India. The bank has given this information in the BSE filing.
On Monday, 25 April, the Board of Bank of India (BoI) approved the decision to issue new equity shares of 2500 crores. The bank has said in its filing that new equity shares of 2500 crores can be issued in the form of qualified institutional placement (QIP), follow on public offer (FPO) or preferential issue.
Public shareholding will increase to 25%
The current public shareholding of the bank is 18.59 percent, which will increase to 25 percent after the issue of new shares. Under SEBI’s public shareholding rules, a non-promoter public shareholder must hold at least 25 per cent in a listed company.
The approval of the shareholders of the Bank on this proposal will be taken at the next Annual General Meeting (AGM) or in the Extraordinary General Meeting (EGM) convened for the same purpose. On Monday, Bank of India’s shares closed at Rs 48.75, which is 1.52 percent lower than the previous closing price.
