Bank of India to raise Rs 8,000 cr, gets shareholders' nod

Mumbai

The shareholders gave the approval in its Extraordinary General Meeting on Saturday, the bank said in a regulatory filing.

It said that they gave the "approval to raise fresh capital up to an amount of Rs 8,000 crore by way of equity shares/tier-I/tier-II bonds by way of public issue or right issue or preferential issue or QIP or private placement or any other permitted mode at an appropriate time whether at a discount or premium to the market price".

Several public and private sector banks are raising capital to strengthen their buffer amid the pandemic.