- Bank of India shares fell over 2% following foreign currency fundraising plans announcement
- The bank's board will meet on August 14 to approve the proposed capital raise
- Plan involves raising up to USD 1 billion via a Medium-Term Note Programme
Shares of Bank of India dropped by over 2% on Monday, Aug. 10 as the state-owned lender revealed plans to deliberate on a substantial foreign currency fundraising initiative later this week. Investors responded to the impending capital raise with caution, pushing the PSB's share price down by more than 2% as the market awaits the board's final approval and structural details.
On Monday, shares of Bank of India opened at Rs 145 and dropped by nearly 3% to hit an intraday low of Rs 141.50 apiece on the NSE. The stock last traded 2.49% lower at Rs 141.39 apiece on the NSE. This compares to a rise of 0.03% in the Nifty 50 benchmark. The stock is down 4% on a year-to-date basis but has surged nearly 28% in the last one year.
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Bank Of India Share Price Intraday
According to an official regulatory filing by the PSB, the bank's Board of Directors is scheduled to hold a meeting on August 14, 2026. The primary agenda for this meeting is to consider and approve the raising of foreign currency funds. The public sector bank aims to achieve this through the establishment of a Medium-Term Note (MTN) Programme.
Here are the key highlights of the proposed fundraising plan:
Total Target Size: The bank is looking to raise up to USD 1.00 billion.
Execution Structure: The funds will be raised in multiple tranches extending up to December 31, 2026.
Bond Type: The issuance will be structured as 3/5 year USD Bonds.
Issuing Branch: The bonds are planned to be issued through the Bank of India's GIFT City Branch.
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