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Bank of India to raise Rs 204 crore by issuing shares to LIC

Bank of India has decided to raise Rs 204.42 crore by issuing shares to Life Insurance Corporation of India (LIC). The shareholders at the extra ordinary general meeting held on March 30, 2017 approved to allot 1.75 crore shares on preference basis to LIC at Rs 116.81 per share.

The Bank has reported a net profit of Rs 101.72 crore for the quarter ended December 31, 2016, as compared to net loss of Rs 1505.58 crore for the same quarter in the previous year. Total income of the bank increased by 4.57% at Rs 11594 crore for quarter under review as compared to Rs 11086.95 crore for the quarter ended December 31, 2015.

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