Bank of India (BOI) has raised over Rs 641.99 crore by issuing shares on preferential basis to Life Insurance Corporation (LIC) and New India Assurance.
The PSU bank approved the fund-raising plans in its extra-ordinary general meeting held on March 7, 2015.
"Members had accorded their approval for issue of 2,00,00,000 equity shares to LIC and 26,45,502 equity shares to the New India Assurance Company on preferential basis at a price of Rs 283.50 per share," the bank said in a filing to Bombay Stock Exchange.
"The issue price of shares include premium of Rs 10 per unit. Accordingly, upon receipt of funds from LIC and the New Indian Assurance Company Ltd, the bank has allotted the said equity shares in terms of SEBI Regulations," it added.
Bank of India shares traded 1.02 per cent lower at Rs 213.70 apiece in afternoon trade on BSE
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