Bank of Baroda surges 5% on fund raising plan of Rs 6000cr
Share price of Bank of Baroda surged 5 percent intraday Friday as the company is planning to raise Rs 6000 crore.
The meeting of the designated board committee i.e. Finance Committee of the board will be held on November 21, 2017 to consider and approve raising of equity fund, as per company release.
The equity fund can be raised through qualified institutions placement (QIP), and/or rights issue for size and amount as may be decided, within overall approval of the board of raising equity capital up to Rs 6000 crore, it added.
The company’s second quarter profit fell 35.6 percent year-on-year to Rs 355.4 crore on higher provisions, but asset quality improved on sequential basis.
The bank had reported net profit of Rs 552.1 crore for September quarter last year.
Profit, however, registered a 74.88 percent increase compared with previous quarter.
At 10:01 hrs Bank of Baroda was quoting at Rs 188.60, up Rs 6.10, or 3.34 percent on the BSE.
Posted by Rakesh Patil