Bank of India $1.7 Billion Rights Issue
The Bank of India’s board of directors have agreed that a rights issue to raise 77 billion rupees ($1.7 billion) should go ahead.
The Bank of India will release 180 million new shares by offering current shareholders the right to take up new shares. They are also arranging a Placement of shares by contacting investment banks and asset managers to agree to purchase shares.
Investors are confident that this is a good move as today the Bank of India’s share price rose by 1.5% on the Bombay Stock Exchange.