{"id":85953,"date":"2018-07-13T22:56:01","date_gmt":"2018-07-13T22:56:01","guid":{"rendered":"http:\/\/www.bnreport.com\/bank-of-baroda-gets-shareholders-nod-to-raise-rs-6000-crore\/"},"modified":"2018-07-13T22:56:01","modified_gmt":"2018-07-13T22:56:01","slug":"bank-of-baroda-gets-shareholders-nod-to-raise-rs-6000-crore","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/bank-of-baroda-gets-shareholders-nod-to-raise-rs-6000-crore\/","title":{"rendered":"Bank of Baroda gets shareholders’ nod to raise Rs 6,000 crore"},"content":{"rendered":"

Public sector Bank of Baroda<\/a> has received approval from shareholders to raise up to Rs 6,000 crore by issuing equity shares through various modes, including QIP, rights issue or a follow on public offer. <\/p>\n

"Bank of Baroda today received approval from shareholders to raise additional up to Rs 6,000 crore through equity capital by way of QIP\/ FPO\/ preferential issue\/ rights issue\/ ADR-GDR\/ private placement\/ compulsorily convertible debentures and any other mode or combination of these at premium\/ discount," the bank<\/a> said in a statement post its annual general meeting held today. <\/p>\n

The meeting was chaired by Chairman Ravi Venkatesan in presence of MD & CEO P S Jayakumar and other key officials and board of directors. <\/p>\n

"Bank of Baroda, has been able to make significant strides in becoming competitive and improving market share and profitability. The consequence of embarking on a fundamental transformation exercise in 2015 is that the bank has emerged as one of the strongest large banks in India," the chairman said. <\/p>\n

Early recognition and cleaning of books has resulted in a provision coverage of 67.21 per cent, which is highest amongst public sector banks, Venkatesan said. <\/p>\n

The bank has added more than 24 million customers over a span of 3 years with the customer base now standing at 7.8 crore, he said. <\/p>\n

"I am confident that as the economy strengthens, as credit offtake improves, as the NPAs get resolved, Bank of Baroda will be able to grow profits strongly," he added. <\/p>\n

Jayakumar deliberated on various aspects regarding qualitative business growth, increase in various portfolios and fees income, digital payment systems & their related cyber securities and action on NPAs. <\/p>\n

He also informed the future plans of business growth and profits of the bank, it said in the statement. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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