State-owned Bank of India (BOI) has convened extraordinary general meeting (EGM) of shareholders next week to seek approval for issuance of equity shares to government for capital infusion of Rs 3,000 crore.
EGM of the shareholders of Bank of India will be held on Wednesday, May 5, 2021 through video conferencing and other audio visual means, the bank said in a regulatory filing. The board will seek consent of shareholders of the bank to issue and allot up to 42,11,70,854 equity shares for cash at Rs 71.23 per equity share including premium of Rs 61.23 aggregating up to Rs 3,000 crore on preferential basis to government, the bank said in a regulatory filing.
The government in March had sanctioned to infuse the capital in BOI as part of equity during the financial year 2020-21.