BoB to raise Rs 775 cr thru preferential issue

Bank of Baroda is looking to raise Rs 775 crore through a preferential issue of equity shares or convertible warrants before March-end 2012, the bank said in a notice to the BSE, on Friday.

This capital infusion will increase the Government's stake in the bank to 58 per cent from 57 per cent.

Last year, the Government infused about Rs 2,600 crore in BoB, which increased the former's stake in the bank to 57 per cent.

The share price for the issue would be based on the last six months average price, which is as per the SEBI formula.