Bank of Baroda to raise Rs 32.8 billion

Bank-of-BarodaAccording to the latest reports, the state-based Bank of Baroda is all set to gain around Rs 32.8 billion through a preferential allotment of shares to the government at Rs 902.14 each.

Today, the stock of the bank opened at Rs 888.00 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 1050.00 and a low of Rs 602.00 on BSE.

Current EPS & P/E ratio stood at 103.55 and 8.54 respectively.

The statement issued by the bank reveals that it will hold an extra-ordinary general meeting for shareholders' sanction on March 29, 2011.

In the meantime, some more public banks like Indian Overseas Bank, UCO Bank and United Bank of India have also announced that they would preferentially allot shares to the government in return for capital infusion.

In December 2010, the country's cabinet sanctioned additional capital infusion of Rs 60 billion (USD 1.3 billion) into state-based lenders to strengthen their capital adequacy as well as to risen the government's stake in them.

Meanwhile, the bank has tasted a huge 120 percent growth in credit in Trinidad and Tobago.

Talking to media, managing director of the bank, Yesh Pal Chhabra said, "The bank also recorded a 75 percent growth in total business in a matter of ten months of the current financial year."

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