Bank of Baroda tanked over 4 percent to Rs 97.20 intraday on September 13 following reports that the public lender planned to raise capital via bonds on September 18.
“The capital raising committee (CRC) of whole-time directors of the bank is scheduled to be held on September 18 to consider raising of debt capital for the bank through issuance of Basel III compliant tier II bonds /additional tier 1 bonds,” the bank said in a regulatory filing.
The bank also plans to sell Dena Bank headquarters at Mumbai’s Bandra-Kurla complex at a reserve price of Rs 530 crore. The auction will be held on October 18.
Dena Bank along with Vijaya Bank merged with Bank of Baroda in April.
The stock has seen a steady rise in the last five days. At 1112 hours, Bank Of Baroda was quoting at Rs 97.20, down Rs 4.05, or 4.00 percent.It has touched an intraday high of Rs 101.35 and an intraday low of Rs 96.75.Get access to India’s fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code “GETPRO”. Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
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