Bank of India raises ₹4,500 crore via QIP

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Bank of India (BoI) has raised ₹4,500 crore via qualified institutions placement (QIP) of about 44.91 crore equity shares at an issue price of ₹100.20 per equity share.

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The public sector bank’s QIP was over-subscribed 4.11 times against the ₹4,500 crore issue (base issue size of ₹2,250 crore and green shoe of ₹2,250 crore), per BoI’s regulatory filing. The bank received 104 bids aggregating to ₹18,483.30 crore.

The issue price of ₹100.20 per equity share (including a premium of ₹90.20 to the face value of ₹10 per equity share) was at a discount of 4.95 per cent (that is ₹5.22 per equity share) to the floor price of ₹105.42 per equity share.