Bank of India board mulls raising funds on August 3

Bank of India on Wednesday said that its Board of Directors will consider raising funds through several options including further issue of equity shares and bonds at its meeting on August 3.

Shares of the bank surged after the announcement. At 12.05 p.m., its shares on the BSE were trading at Rs 47.20, higher by 3.17 per cent from the previous close.

"The Board of Directors of the Bank of India would be considering at their meeting proposed on August 3, 2020, the proposal of raising funds including by way of a further issue of equity shares, bonds etc. through various modes which may include issue of equity shares through a Qualified Institutions Placement (QIP) at an appropriate time subject to receipt of applicable regulatory and/or statutory approvals including approval from shareholders of the bank," the bank said in a regulatory filing.

Several banks, both private and public, are looking at raising funds of late.

Bank of India's board is also scheduled to consider and approve its unaudited (reviewed) financial results for the quarter ended June 30 in its meeting next week.