State-owned Bank of Baroda ( BoB) said its shareholders have approved raising funds up to Rs1,644.68 crore through a preferential issue of shares to the Life Insurance Corporation ( LIC).
The shareholders at the general meeting approved issuance of shares to LIC on preferential basis at Rs840.10 apiece, BoB said in a statement to the BSE.
The bank proposes to issue 1.95 crore fresh shares to LIC or up to 5% of pre-issue capital, it said.
Last year, the government infused Rs2,461 crore in the bank.
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The shareholders at the general meeting approved issuance of shares to LIC on preferential basis at Rs840.10 apiece, BoB said in a statement to the BSE.
The bank proposes to issue 1.95 crore fresh shares to LIC or up to 5% of pre-issue capital, it said.
Last year, the government infused Rs2,461 crore in the bank.
....more info