Bank of India to increase Tier I and Tier II capital

Bank of India has announced that the Board of Directors of the Bank at its meeting held on January 22, 2007, has approved the following:

1. Increasing Tier I capital by issuing Innovative Perpetual Debt Instruments (IPDI) - Series I to the tune of Rs 800 Cr. in Indian rupees and / or partly in foreign currency up to USD 85 Mn.

2. Issuing Upper Tier II capital bonds to the tune of Rs 1,200 Cr.

On private placement basis at an appropriate time.

Source : Equity Bulls

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