State-owned Bank of India (BoI) today said it will raise up to Rs 641.99 crore by selling shares to Life Insurance Corp and New India Assurance Company to fund its business growth and meet global risk norms.
State-owned Bank of India (BoI) today said it will raise up to Rs 641.99 crore by selling shares to Life Insurance Corp and New India Assurance Company to fund its business growth and meet global risk norms.
The bank has decided to issue and allot up to 2.26 crore of Rs 10 each for cash at Rs 283.50 per share, including premium of Rs 273.50 per equity share, at a price as determined in accordance with Sebi regulation aggregating up to Rs 641.99 crore on preferential basis, BOI said in a notice to the BSE. The bank has called extraordinary general meeting of the shareholders on March 7, it said.
LIC currently holds 12.53 per cent stake in Bank of India. Following the fresh investment, stake of LIC would further go up. Shares of the bank closed at Rs 233.15 per unit, down 5.33 per cent on the BSE.
Bank of India stock price
On February 09, 2015, Bank Of India closed at Rs 233.15, down Rs 13.65, or 5.53 percent. The 52-week high of the share was Rs 356.75 and the 52-week low was Rs 166.00.
The company's trailing 12-month (TTM) EPS was at Rs 42.54 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 5.48. The latest book value of the company is Rs 465.37 per share. At current value, the price-to-book value of the company is 0.50.
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