Bank of India (BoI) will consider raising capital worth up to Rs 6,500 crore at its board meeting scheduled to be held on Tuesday, April 18.

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In a filing to the stock exchanges, the public sector lender on Wednesday said that its board will consider raising capital for the financial year 2023-24 through multiple routes including the issue of bonds and equity capital.

The board will consider the issuance of fresh equity capital worth Rs 4,500 crore via one of the routes including a rights issue, qualified institutional placement, follow-on public offer or preferential issue.

It could also raise the aforementioned Rs 4,500 crore through the means of Basel-III compliant Additional Tier-1 bonds in either domestic or foreign currency if required.

Further, the state-owned bank will consider the issue of Basel-III compliant Tier-2 bonds worth no more than Rs 2,000 crore, taking the total capital raising to up to Rs 6,500 crore for the current financial year.

For the December quarter, Bank of India’s net profit rose 12 percent to Rs 1,151 on a year-on-year basis, while its net interest income surged 64 percent on-year to Rs 5,596 crore.

Shares of Bank of India are trading 1.5 percent lower at Rs 75.60.

(Edited by : Rukmani Krishna)