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Bank of India to raise up to 101.25B rupees in equity, debt issues

Bank of India plans to raise up to 101.25 billion rupees by way of issuing bonds or shares.

The state-run lender said in a Dec. 6 filing that it plans to raise up to 100 billion rupees through the issuance of Tier 1, Tier 2 bonds or preference shares in one or more tranches. It also plans to issue up to 1.25 billion rupees by issuing equity shares through a qualified institutional placement, public issue, rights issue, private placement or any other method.

The bank said the capital-raising plans are subject to regulatory and shareholder approvals.

As of Dec. 6, US$1 was equivalent to 71.28 Indian rupees.