Bank of Baroda (BoB) has received an approval to raise Rs 90 billion through various instruments, including Follow-on Public Offer (FPO) in order to fund growth during this fiscal. The board of directors at its meeting held on May 27, 2017 has approved for the same.

The board approved raising of additional capital funds up to Rs 90 billion up to March 31, 2018, comprising of Rs 60 billion by way of equity capital through various modes at suitable stages and Rs 30 billion by way of additional Tier I capital instruments. The bonds will be issued in India or overseas in suitable tranches.

Shares of the bank declined Rs 1.15, or 0.64%, to trade at Rs 178.65. The total volume of shares traded was 151,195 at the BSE (9.51 a.m., Monday).