Bank of India, a state-owned commercial bank, announced  that the Government of India (GOI) will infuse capital funds to the tune of Rs 24.55 billion in the bank by way of preferential allotment of equity shares.

The board of directors of the bank will convene an extra-ordinary general meeting of the shareholders of the bank on Sept. 28, 2015, to get the shareholders' approval for the proposed preferential issue of equity shares to GOI, by way of special resolution.

Shares of the bank gained Rs 3.65, or 2.62%, to settle at Rs 142.75. The total volume of shares traded was 531,896 at the BSE (Thursday).