Public sector Bank of Baroda will raise up to Rs 9,000 crore by tapping investors both from India and overseas markets by the end of the current fiscal. The board of directors, at a meeting held today, approved raising the amount, the bank said. The additional capital raising plan up to Rs 9,000 crore by March 31, 2018 comprises Rs 6,000 crore through equity capital by various modes in suitable stages, the bank said in a regulatory filing today.
Another Rs 3,000 crore will be raised “by way of additional tier-I capital instruments, issued in India/overseas in suitable tranches”, it added.
The fundraising approval by the board is subject to regulatory approvals.