Bank of India to revalue fixed assets

Bank of India has announced that the Board of Directors of the Company at its meeting held on August 22, 2007, has decided to revalue identified Fixed Assets (properties) and take into account the appreciation in the value of Fixed Assets, during the current quarter.

Further the Bank has informed that the as per the extant guidelines of Reserve Bank of India, 45 % of revaluation reserves are accounted as Tier II Capital. The Company's Tier II Capital will accordingly stand increased once the process of revaluation is completed and the reassessed value of fixed assets is crystallized.

The stock was trading at Rs.214, down by Rs.8.25 or 3.71%. The stock hit an intraday high of Rs.226.60 and low of Rs.206.15. The total traded quantity was 701567 compared to 2 week average of 307856.

Source : Equity Bulls

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