On Monday, Bank of Baroda’s shares rose nearly by 3%. on Friday, the lender told that the board has authorized raising up to Rs. 13,500 crore by 2020-21.
The scrip traded 2.80 per cent higher at Rs 47.70 on BSE in the morning session.
Shares of Bank of Baroda NSE -0.77 % advanced nearly 3 per cent in Monday’s trade after the lender on Friday said its board has approved raising up to Rs 13,500 crore by 2020-21.
“Board of directors of our bank in its meeting held on April 24 considered and approved raising of additional capital fund up to Rs 13,500 crore up to March 31, 2021 and beyond if found expedient,” Bank of Baroda said in a regulatory filing on Friday.
The capital raise will comprise Rs 9,000 crore by way of common equity capital by various modes including QIP, etc in suitable stages and Rs 4,500 crore by way of additional tier I and tier II capital instruments with an inter-changeability option, issued in India/overseas in suitable tranches, it added.