RETAIL BANKING | Tony Chua, India

Bank of Baroda to get $158.6mn from Indian government

The lender to receive the amount by way of preferential issue of equity shares/ warrants.

Ministry of Finance, Government of India, vide its communication dated September 20, 2011 has informed that they have decided to raise the Govt. of India's holding in Bank of Baroda by infusing a sum of Rs. 775 crore ($158.62 milion), by way of preferential issue of Equity shares/ Warrants.

The meeting of the Board of Directors of the Bank to be held on October 31, 2011, may consider issuance of Equity Shares/ Warrants of face value of Rs. 10/- each at such price as may be decided as per SEBI ICDR Regulations on preferential basis in favour of Government of India.

The stock closed the day at Rs.719.35, down by Rs.16.90 or 2.30%. The stock hit an intraday high of Rs.735.60 and low of Rs.703.75, view the full story in Equity Bulls.

The total traded quantity was 0.96 lakhs compared to 2 week average of 0.41 lakhs.

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