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Bank of India shares in focus as QIP kicks off; floor price set at Rs 105.42 per share

Bank of India shares in focus as QIP kicks off; floor price set at Rs 105.42 per share

BOI QIP kicked off on Tuesday, with the public sector lender approving the floor price at Rs 105.42 per equity share based on the pricing formula as prescribed under Regulation 176 of the SEBI ICDR Regulation.

Amit Mudgill
Amit Mudgill
  • Updated Dec 6, 2023 8:44 AM IST
Bank of India shares in focus as QIP kicks off; floor price set at Rs 105.42 per share BOI said its capital issue committee is scheduled to meet on December 8 to consider and approve the QIP issue price, including a discount, if any, as permitted under the SEBI ICDR Regulations, for the equity shares to be allotted to QIBs.

Shares of Bank of India Ltd (BOI) will be in focus on Wednesday morning after the Capital issue committee of the PSU bank approved and adopted the preliminary placement document for an qualified institutional placement (QIP), together with the application form in connection with the issue.

The BOI QIP opened on Tuesday, with the public sector lender approving the floor price at Rs 105.42 per equity share based on the pricing formula as prescribed under Regulation 176 of the SEBI ICDR Regulation. The scrip closed at Rs 110.15 on Tuesday, up 0.87 per cent. Bank of India said it may offer a discount of not more than 5 per cent on the floor price so calculated for the issue. "The issue price will be determined by the bank in consultation with the Book Running Lead Managers appointed in relation to the issue," BOI said.

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"In terms of Regulation 29(1) (d) of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015, we wish to inform you that a meeting of the Capital Issue Committee is scheduled to be held on December 8, 2023 to, inter alia, consider and approve the issue price, including a discount, if any thereto as permitted under the SEBI ICDR Regulations, for the Equity Shares to be allotted to Qualified Institutional Buyers, pursuant to the Issue," Bank of India said in a separate release.

Also read: IOB, Union Bank, UCO Bank, BOI, other PSU bank shares climbed up to 52% in 30 days. Here's why

Recently, BOI increased rates of its fixed deposits for its customers & general public (for Rs 2 crore & above to less than Rs 10 crore) in maturity of “46 days to up to 1 year” with effect from December 1.

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The PSU bank increased its fixed deposit rates for shorter period i.e. “46 days to 90 days” tenure to 5.25 per cent, for “91 days to 179 days” tenure to 6 per cent, for “180 days to 210 days” tenure to 6.25 per cent, for “211 days to less than 1 Year” tenure to 6.50 per cent and for “1 year” tenure to 7.25 per cent per annum.

The bank said the rate of interest it offered was competitive, offering a very attractive return for investment from HNIs, Small & Mid Corporates, NRIs & Professionally Self Employed etc. 

Earlier the bank had already increased rate of all deposits for amount of “Less than Rs 2 crore” for 2 year tenure with effect from November 1. Here, the bank offered its highest rate of interest up to 7.90 per cent for super senior citizen, 7.75 per cent for senior citizen and 7.25 per cent for others for two year term. The revised interest rates are applicable for domestic, NRO and NRE Rupee Term deposits.

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Also read: Stock recommendations by market analysts for December 6, 2023: ITC, IDFC First Bank and Kotak Mahindra Bank

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Dec 6, 2023 8:44 AM IST
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