Bank of India to raise funds through QIP issue

Bank of India has announced that the Board of Directors of the Bank at its meeting held on December 27, 2007, has taken the decisions to raise Tier I Capital by way of Issue of upto 3,77,72,600 Equity Shares through Qualified Institutional Placement (QIP) route.

An Extra Ordinary General Meeting of the shareholders of the Bank would be held on January 23, 2008 for the above purpose.

Further the Bank has informed that, it has got the approval from the Ministry of Finance, Government of India, for this purpose which, inter-alia, stipulates that the placement shall be made only with public sector enterprises and mutual funds.

Source : Equity Bulls

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