Bank of India defers INR 3,000 crore QIP plan

Bank of India defers INR 3,000 crore QIP plan

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Bank of India (BoI) has deferred INR 3,000 crore capital raising plan through private placement of equity shares, according to reports.

The Bank has received infusion of Rs.2,257 Crore from Government of India, in form of Common Equity Tier-1 Capital, which is being kept as Share Application Money.

A meeting of Board of Directors has been scheduled on January 20, 2018 inter alia to consider capital raising plans by the Bank.

Bank of India was founded on 7th September, 1906 by a group of eminent businessmen from Mumbai. The Bank was under private ownership and control till July 1969 when it was nationalised along with 13 other banks.

Beginning with one office in Mumbai, with a paid-up capital of Rs.50 lakh and 50 employees, the Bank has made a rapid growth over the years and blossomed into a mighty institution with a strong national presence and sizable international operations. In business volume, the Bank occupies a premier position among the nationalised banks.

The Bank has over 5000 branches in India spread over all states/ union territories including specialized branches. These branches are controlled through 54 Zonal Offices and 8 NBG Offices. There are 60 branches/ offices and 5 Subsidaries and 1 joint venture abroad.