Bank of India to raise Tier I capital through QIP

New Delhi, Dec 27 (UNI) Bank of India today said that it plans to raise Tier I capital by way of Issue of upto 3,77,72,600 equity shares through Qualified Institutional Placement (QIP) route.

The same will be decided in the board meeting to be held on January 23, a release stated.

The Bank has also received the approval from the Ministry of Finance for this purpose which stipulates that the placement will be made only with public sector enterprises and mutual funds.

Tier I capital is the core measure of a bank's financial strength from a regulator's point of view and includes common stock, preferred stock that is irredeemable and non-cumulative, and retained earnings.

UNI