Bank of Baroda to Raise Rs 1,260 Crore From Government

New Delhi: State-owned Bank of Baroda(BoB) today said it will raise Rs 1,260 crore through preferential allotment of shares to the government.

The issue price for the preferential allotment would not be less than Rs 195.59 per share, the bank said in a statement.

Shares of the bank closed at Rs 172.40 per unit, down 2.71 per cent on the BSE.

The bank would issue 6.44 crore fresh shares to be allotted on preferential basis to the government of India.

Currently, the government owns 56.26 per cent in the bank.

Post allotment, the holding would go up to 57.53 per cent.

Following allotment, the paid-up capital of the bank will go up from Rs 429.42 crore to Rs 442.30 crore.

General meeting for taking shareholders nod for preferential allotment of shares will be held on March 26.