Bank of Baroda Seeks EGM approval for issue of shares to LIC on March 27, 2012

The Board of Directors of Bank of Baroda at its meeting held on February 27, 2012 has approved the proposal for issuing of equity shares upto 5% of preissue paid up capital of the bank in favor of Life Insurance Corporation of India (LIC) / Mutual Funds (MF) on preferential basis as per SEBI ICDR Regulations, subject to shareholders' approval and other necessary regulatory/ statutory approvals.

The Relevant Date in this regard as February 24, 2012.

The Board also approved convening of Extra Ordinary General Meeting of Shareholders of the Bank on March 27, 2012 at Vadodara for the said purpose.

The Bank of Baroda stock closed the day at Rs.760.60, down by Rs.34.75 or 4.37%. The stock hit an intraday high of Rs.795.10 and low of Rs.754.

The total traded quantity was 0.53 lakhs compared to 2 week average of 0.71 lakhs.

Source : Equity Bulls

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