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June 6, 2001
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Money > Reuters > Report June 6, 2001 |
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Bank of India to lower govt stake to 51%Indian state-run Bank of India on Wednesday said it will return a part of its capital to the Union government to lower the government holding in the bank to 51 per cent. The government now owns about a 76 per cent stake. "We are returning a part of the capital amounting to around Rs 1.5 billion to the government. This will also shore up our earnings per share," bank chairman K V Krishnamurthy told reporters after announcing the bank's results for the past year. On Wednesday, BoI said its net profit for the year to March rose 45.7 per cent to Rs 2.52 billion from Rs 1.73 billion a year earlier. Its EPS rose to Rs 3.95 from Rs 2.71. BoI's shares ended 6.83 per cent higher at Rs 14.85 on Wednesday. Its earnings results were announced about an hour before the close of trading. The Sensex closed virtually unchanged at 3,457.31.
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