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Business News/ Market / Stock-market-news/  Bank of India to raise Rs642 crore by selling shares to LIC, New India Assurance
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Bank of India to raise Rs642 crore by selling shares to LIC, New India Assurance

Bank of India to issue and allot up to 22.60 million shares of `10 each

LIC currently holds 12.53% stake in Bank of India. Following the fresh investment, stake of LIC would further go up. Premium
LIC currently holds 12.53% stake in Bank of India. Following the fresh investment, stake of LIC would further go up.

New Delhi: State-owned Bank of India (BoI) on Monday said it will raise up to 641.99 crore by selling shares to Life Insurance Corp (LIC) 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 22.60 million shares of 10 each for cash at 283.50 per share, including premium of 273.50 per equity share, at a price as determined in accordance with Sebi regulation aggregating up to 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 7 March, it said.

LIC currently holds 12.53% stake in Bank of India. Following the fresh investment, stake of LIC would further go up. Shares of the bank closed at 233.15 per unit, down 5.33% on the BSE.

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Published: 09 Feb 2015, 08:37 PM IST
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