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Wednesday, December 26, 2012

Bank of Baroda to issue Rs 1,550 cr pref shares to Govt

Bank of Baroda (BoB) on Wednesday said it will raise Rs 1,550 crore by issuing preference shares to the government.

The board at its meeting held on December 24, 2012, has approved issuance of shares of face value of Rs 10 each, for an amount upto Rs 1,550 crore, on preferential basis in favour of Government of India, BoB said in a filing on the BSE.

The prices of the shares would be decided as per the SEBI norms, it said.

Shares of the BoB closed at Rs 854.40, up 0.84 per cent on the BSE.

Preference shares are given higher ranking over common shares but subordinate to bonds in terms of claim.

At the end of September 30, the government held 54.31 per cent stake in Bank of Baroda.


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