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Bank of India to raise 192.32B rupees of capital

Bank of India plans to raise up to 192.32 billion rupees in capital through a preferential share issuance to the government and an issuance of bonds.

The bank said it will issue a total of 558,432,131 equity shares to the Indian government at 165.32 rupees per share, including a premium of 155.32 rupees per share, amounting to 92.32 billion rupees.

The capital infusion is part of the government's plan to inject capital into state-owned banks.

The lender also plans to raise Tier 1 and Tier 2 capital via an issuance of 100 billion rupees of bonds.

In addition, Bank of India intends to issue up to 1 billion shares by way of a qualified institutional placement, public issue, rights issue, private placement or another mode of issuance. The issue price has yet to be determined.

The bank's shareholders approved the capital-raising plans.

As of Feb. 20, US$1 was equivalent to 64.91 Indian rupees.