Bank of India QIP book opens Tuesday, floor price set at Rs 110.20 per share
Bank of India has opened the qualified institutional placement book for bidding of shares by qualified institutional buyers.
The state-owned lender has set the floor price for the QIP issue at Rs 105.42 a share. This is at a discount of 4.3% to the current market price of the stock.
Shares of the bank ended nearly 1% higher on the National Stock Exchange at Rs 110.20.
In April, the bank had received board approval to raise Rs 4,500 crore either through a QIP or rights issue or via additional Tier-1 bonds. The lender also received approval to issue Basel-III compliant Tier-2 bonds upto an amount of Rs.2,000 crore.
As of September-end, the capital adequacy ratio of the bank was 15.63%, with the CET-1 capital at 12.60%.
For the September quarter, the bank reported a 52% year-on-year (YoY) growth in net profit to Rs 1,458 crore. The net interest income grew by 13% on year to Rs 5,740 crore.
