Bank of India to allot preferential shares to govt for Rs 3,000 cr capital infusion

NEW DELHI: State-run Financial institution of India on Monday mentioned it has convened an extra-ordinary normal assembly (EGM) of shareholders this month for searching for approval to the allotment of preferential shares to the federal government for Rs 3,000 crore.

The financial institution on March 31 had knowledgeable about getting Rs 3,000 crore capital infusion from the federal government.

“The board of administrators of the financial institution can be contemplating preferential allotment of fairness shares of Rs 3,000 crore to Authorities of India after obtention of shareholder’s approval within the additional extraordinary normal assembly and different associated regulatory approvals.

“This proposal can be thought of by circulation on or after April eighth, 2021,” it mentioned.

Financial institution of India shares closed at Rs 67.25 apiece on BSE, down 3.72 per cent from the earlier shut.

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