Bank of India — Important, 11-11-2024: General Updates

For the quarter ended September 30, 2024, Bank of India reported no deviations or variations in the use of proceeds from its public issue, rights issue, or preferential issue, as there were no funds raised during this period. The bank successfully utilized funds raised through previous bond issues entirely for their intended purposes, specifically for enhancing long-term capital and supporting regular business operations. The Tier-II bonds raised—₹5,000 Crore and ₹2,500 Crore—were fully allocated to augmenting Tier II capital and maintaining overall capital adequacy, adhering to Basel III guidelines. With a positive outlook, the bank's disciplined fund management supports its growth objectives without regulatory concerns. Investors can monitor this steady utilization of funds as a confirmation of the bank's robust financial strategy.