BoI to allot preferential shares to govt for ₹3,000cr capital infusion

State-run Bank of India on Monday said it has convened an extra-ordinary general meeting (EGM) of shareholders this month for seeking approval to the allotment of preferential shares to the government for ₹3,000 crore.

The bank on March 31 had informed about getting ₹3,000 crore capital infusion from the government.

"The board of directors of the bank will be considering preferential allotment of equity shares of ₹3,000 crore to Government of India after obtention of shareholder's approval in the extra ordinary general meeting and other related regulatory approvals.

"This proposal will be considered by circulation on or after April 8th, 2021," it said.

Bank of India shares closed at ₹67.25 apiece on BSE, down 3.72% from the previous close.