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.