Bank of India (BOI) today said it has raised over Rs 6.41 billion by issuing shares on preferential basis to LIC and New India Assurance.

'Members had accorded their approval for issue of 2,00,00,000 equity shares to Life Insurance Corporation of India (LIC) and 26,45,502 equity shares to the New India Assurance Company on preferential basis at a price of Rs. 283.50 a share,' the bank informed to the BSE.

Accordingly, upon receipt of funds from LIC and the New Indian Assurance Company, the bank has allotted the said equity shares in terms of SEBI Regulations.

Shares of the company declined Rs 3.1, or 1.44%, to settle at Rs 212.80. The total volume of shares traded was 598,411 at the BSE (Friday).