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Bank of Baroda issues 70B rupees of shares to Indian government

Bank of Baroda issued 70 billion Indian rupees of shares to the Indian government on a preferential basis.

The bank issued 651,465,798 of its equity shares at 107.45 rupees apiece.

Following the share issuance, the government's stake in the bank increased to 71.60% from 66.94%.

As of Dec. 12, US$1 was equivalent to 70.64 Indian rupees.