Bank of India on Tuesday said that it has received shareholders’ approval for various fund-raising proposals.
Shareholders have approved a resolution for issue of 13.65 crore shares, aggregating to ₹2,257 crore on preferential basis to the Government of India at ₹165.32 a share.
The PSU bank has also received nod from its members to raise up to ₹100 crore in capital, and issue tier-I/tier-II bonds or preference shares in fresh capital for an amount of up to ₹10,000 crore.
The shareholders have also approved another resolution to issue 42.19 crore shares at ₹165.32 a share, aggregating to ₹6,975 crore, on preferential basis to the Government of India.
Last week, BoI had reported a heavy loss of ₹2,341 crore for the third quarter ended December 2017 against a net profit of ₹102 crore in the year-ago period.
This was due to higher provisions for non-performing assets. Loan loss provisions jumped to ₹4,373 crore against ₹2,546 crore in the year-ago period. Gross non-performing assets jumped by ₹14,942 crore during the quarter to ₹64,249 crore as on December-end 2017.