Bank of India receives Rs 2,257 cr from government

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Mumbai, Dec 31  Public sector lender Bank of India on Saturday said it has received a capital infusion Rs 2,257 crore from the government.

“The bank has on December 29 received an infusion of Rs 2,257 crore from Government of India in form of common equity tier-1 capital, which is being kept as share application money and would be alloted after due procedure/conditions for allotment,” the bank said in a regulatory filing to the BSE.

On October 24, the government had approved a recapitalisation plan for strengthening NPA-hit state-run banks to a tune of Rs 2.11 lakh crore.

“The infusion is in terms of the Ministry of Finance, Department of Financial Services, Government of India,” the BSE filing added.

On Friday, the scrips of the bank closed lower by 0.24 per cent at Rs 169.70 per share on the BSE.