Bank of India said that a meeting of board of directors of the bank is scheduled on 30 April 2021 to consider and approve fund raising plan.
The board of directors of the state-run bank would consider the proposal of raising capital including by way of a further issue of equity shares and BASEL III Compliant Additional Tier-I, Tier-II bonds etc.
The announcement was made after market hours yesterday, 27 April 2021. Shares of Bank of India rose 1.3% to settle at Rs 66.05 yesterday.
The stock hit a 52-week high of Rs 101.45 on 19 February 2021. The stock hit a 52-week low of Rs 31 on 20 May 2020.
Bank of India is a public sector bank. The Government of India held 89.10% stake in Bank of India as on 31 March 2021.
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Banks see improvement in solvency profile in FY21
April 05, 2021
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Banks’ solvency position is relatively better, thereby providing some comfort to their loss-absorption abilities, according to ICRA.
Capital raise, coupled with lower Net Non-Performing Assets (NNPAs), resulted in an improvement in solvency profile for banks during FY21, the agency said in a note.
ICRA noted that public sector banks raised ₹12,000 crore (0.2 per cent of risk weighted assets – RWAs) and private sector banks raised ₹53,600 crore (1.3 per cent of RWAs) of equity capital from market sources during FY21.
In addition, the government also infused ₹20,000 crore (0.3 per cent of RWA) into the public sector banks as part of its budgeted recapitalisation for FY21.
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