Bank of India will get Rs.2,776.20 crore by the allotment of preferential shares to the Government of India and Life Insurance Corporation of India at the current share price.
The bank has received approval from its board to allocate 70 million fresh equity shares on a preferential basis to Government of India and LIC. However, the bank needs to get shareholders approval and regulatory authorities before allotment.
The bank will have an Extra Ordinary General Meeting (EGM) on March 24,2012 to get shareholders approval in order to proceed the plan.
In last fiscal year, Government of India had injected Rs.1,010 crore into the bank and Rs.20,157 crore into the Public sector banks.
The shares of Bank of India were down 1.17% to Rs.391.95 per share during the early trade on BSE. The scrip has so far touched a day high of Rs.408 per share and a day low of Rs.387.10 per share in the Mumbai market.
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