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Bank of Baroda plans to raise Rs.11,900 crore

Employee scheme to get 15 crore shares

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Employee scheme to get 15 crore shares

 

Bank of Baroda.

 

Bank of Baroda plans to raise Rs.11,900 crore through share sale during the current fiscal year to fund business expansion, reported Press Trust of India on 2 June 2019.

 

The plan includes Rs.1,500 crore from Bank of Baroda Employee Share Purchase Scheme with an offer of 15 crore shares with a face value of Rs.2 each. In January 2019, the bank had prices share at Rs.10 each for the scheme.

Qualified Institutional Placement, Follow on Pubic Offer and rights issues will be among other modes of raising the remaining capital.

The bank shareholders are to meet at the annual general meeting on 21 June 2019.

The bank is now second largest public sector lender with 9,500 branches, 13,400 ATMs and 85,000 employees serving 12 crore customers following consolidation of Dena Bank and Vijaya Bank assets on completion of mergerin April 2019.

Rated as second after the State Bank of India, the bank has operatons with a business mix of over Rs.15 lakh crore on the balance sheet with deposits and advances of Rs.8.75 lakh crore and Rs.6.25 lakh crore, respectively. fiinews.com

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