Bank of India to raise Rs 4,500 Cr via equity issue in Q1FY24

Public sector lender Bank of India to raise Rs 4,500 Cr via equity issue in Q1FY24 to support the growing business growth. The bank’s board of directors has given it the go-ahead to raise up to Rs 6,500 crore in FY24. There are two components to the capital raising plan. The first is the issue of tier-I capital with fresh equity, which could be in the form of a follow-on public offering, a qualified institutional placement (QIP) or a rights issue.

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