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BoI raises Rs 641 cr from share sale to LIC, New India Assurance

Public sector lender Bank of India (BOI) on Friday said it has raised over Rs 641.99 crore by issuing shares on preferential basis to LIC and New India Assurance.

“…Members had accorded their approval for issue of 2,00,00,000 equity shares to Life Insurance Corporation of India (LIC) and 26,45,502 equity shares to the New India Assurance Company Ltd on preferential basis at a price of Rs 283.50 per share,” the bank said in a filing to BSE.

The bank approved the fund raising plans in its extra-ordinary general meeting held on March 7, 2015.

The issue price of shares include premium of Rs 10 per unit.

“Accordingly, upon receipt of funds from LIC and the New Indian Assurance Company Ltd, the bank has allotted the said equity shares in terms of SEBI Regulations,” it added.

Bank of India shares traded 1.02 percent lower at Rs 213.70 apiece on BSE.

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