Bank of India (BOI) has raised Rs. 641.99 crore through the issue of equity shares to Life Insurance Corporation and New India Assurance Company.
In a stock exchange notification the bank said it had issued two crore shares of Rs. 10 each at a premium of Rs. 273.50 to Life Insurance Corporation and 26.46 lakh shares to New India Assurance Company at the same premium.
These shares were issued by way of preferential allotment on Thursday after getting the approval of shareholders on March 7. The shares were trading at Rs. 212.80 on the BSE on Friday, much above the issue price to these two institutions.
