Bank of India rises after report says co to raise up to $540 mln via QIP

Bank Of India

05/12/2023 07:59

** Shares of state-owned Bank of India  BOI.NS  up ~1% at
110.05 rupees as of 01:19 p.m. IST
    ** Stock rose as much as 2.4% at 111.80 rupees earlier in
the session before paring some gains
    ** State-owned lender plans to raise up to 45 bln rupees
($539.6 mln) via a qualified institutional placement of new
shares this week, IFR reported on Tuesday, citing people with
knowledge of the deal
    ** Transaction will likely comprise a base deal of 22.5 bln
rupees with an option to retain oversubscription of the same
amount, report adds
    ** BOI didn't immediately respond to Reuters' request for
comment
    ** Over 13.5 mln shares change hands, 1.2x the 30-day moving
average
    ** Stock up ~25% YTD
 
($1 = 83.3925 Indian rupees)

 (Reporting by Kashish Tandon)
 ((kashish.tandon@thomsonreuters.com))