SEBI approves Bank of India’s capital raising plan of Rs 3,000 Cr: 23 Nov 2017

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Bank of India, in its filing made on BSE, has informed regarding the approval from SEBI, vide its letter dated November 20, 2017, for raising capital of Rs 3,000 crores through qualified institutional placement (QIP).

The SEBI’s approval in this regard is subject to the receipt of approval of the approval from the Government of India. The bank is required to submit the government approval to the SEBI.

The SEBI has permitted the bank to achieve minimum public shareholding as required under rule 19A of the Securities Contract Regulation (Rules), 1957 pursuant to the QIP.

The QIP of Rs 3,000 crores to be raised by the bank shall be subject to the provisions stipulated in Chapter VII of SEBI (ICDR) Regulations, 2009.

The Capital Adequacy Ratio of the Bank as on September 30, 2017, stood at 12.2%. The Gross NPA (Non-Performing Assets) ratio is at 12.6% for H1FY18 vs 13.5% for HIFY17 with lowest levels of slippages in past three financial years.

The bank is focusing on improving the asset quality and containing the NPA levels, rebalancing advances portfolio and ensure long-term sustainable business growth.

The stock closed at a price of Rs 202.65, up by 0.57% or Rs 1.15 on November 22, 2017.

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