Tuesday , September 21 2021

Bank of India gains on planning to raise Rs 3,000 crore equity capital via QIP

Bank of India is currently trading at Rs. 64.55, up by 0.95 points or 1.49% from its previous closing of Rs. 63.60 on the BSE.

The scrip opened at Rs. 63.65 and has touched a high and low of Rs. 65.20 and Rs. 63.65 respectively. So far 101773 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 101.45 on 19-Feb-2021 and a 52 week low of Rs. 38.20 on 30-Oct-2020.

Last one week high and low of the scrip stood at Rs. 67.80 and Rs. 61.45 respectively. The current market cap of the company is Rs. 23889.69 crore.

The promoters holding in the company stood at 90.34%, while Institutions and Non-Institutions held 5.01% and 4.65% respectively.

Bank of India is planning to raise Rs 3,000 crore equity capital through a qualified institutional placement (QIP) offer to fuel business growth and meet regulatory compliance. Seven book running lead managers have been appointed for the proposed issue.

The purpose of the issue is not only to fuel regular business growth, but also to deploy capital for improving technical platform of the bank, co-lending digital operations, tie-ups with fintech companies, and syncronisation of tech platform with overseas and domestic operations. The bank will also utilise the proceeds of the QIP for developing app based retail loan applications and offer electronic bill discounting facility.

Bank of India offers wide range of services such as Personal banking, Corporate, Rural, MSME, Retail, NRI services, Cards/ATM etc.

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