Bank of Baroda board gives nod to raise up to Rs 13,500 cr by March 2021; stock down over 4% on BSE

New Delhi: Bank of Baroda on Friday said its board has approved raising up to Rs 13,500 crore by 2020-21.

Bank of Baroda's board approves raising up to Rs 13,500 cr for Capital Fund pic.twitter.com/TWdRO7P7eu

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

“Board of directors of our bank in its meeting held today i.e. 24 April 2020…considered and approved raising of additional capital fund up to Rs 13,500 crore up to 31 March 2021 and beyond if found expedient,” it said in a regulatory filing.

The capital raise will comprise Rs 9,000 crore by way of common equity capital by various modes including QIP, etc in suitable stages and Rs 4,500 crore by way of additional tier I and tier II capital instruments with an inter-changeability option, issued in India/overseas in suitable tranches, it added.

This will be subject to applicable statutory 1 regulatory approvals, the state-owned bank said.

Bank of Baroda stock closed 4.23 percent down at Rs 46.40 on BSE.