BOI to raise Rs 1995 cr from IPDIs

Mumbai, July 13 (UNI) Bank of India (BOI) proposes to raise Rs 1995 crore this year from the issue of Innovative Perpetual Debt Instruments (IPDI) and Upper Tier II Bonds.

This will be done to meet the capital requirements of the Bank and for the future business expansions, BOI General Manager R K Bakshi told UNI.

Of the total amount, Rs 350 crore will be raised in the first phase which will be done this month, he said.

''This will be carried out primarily to meet the capital requirements and also to enhance our overall business growth,'' he said.

In a communique to bourses, BOI said its director board has extended approval to the capital raising programme ''via private placement of bonds at an appropriate time''.

BOI had gained a business of Rs 2.07 lakh crore for the fiscal ended March 31 and is targetting an annual growth of 22-25 per cent.

The Bank, which has a capital adequacy ratio of 11.58 per cent, had posted a net profit of Rs 1123.17 crore last fiscal.

UNI