Bank of Baroda (BoB) has received an approval to raise Rs 9,000 crore through various instruments, including Follow-on Public Offer (FPO) in order to fund growth during this fiscal. The board of directors at its meeting held on May 27, 2017 has approved for the same.
The board approved raising of additional capital funds up to Rs 9,000 crore up to March 31, 2018, comprising of Rs 6,000 crore by way of equity capital through various modes at suitable stages and Rs 3,000 crore by way of additional Tier I capital instruments. The bonds will be issued in India or overseas in suitable tranches.
Bank of Baroda is engaged in providing various services, such as personal banking, corporate banking, international banking, small and medium enterprise (SME) banking, rural banking, non-resident Indian (NRI) services and treasury services.