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Bank of Baroda Gets Shareholders Nod to Raise upto INR 6,000 crore Capital at 22nd AGM

Ahmedabad, July 2018: Bank of Baroda today received approval from shareholders to raise additional up to Rs 6,000 crore through equity capital by way of QIP/ FPO/ Preferential Issue/ Rights Issue/ ADR-GDR/ Private Placement/ Compulsorily Convertible Debentures and any other mode or combination of these at premium/ discount.

The shareholders approved the capital raising at the 22nd Annual General Meeting of the Bank that was held today at SayajiraoNagargriha, Akota,Vadodara.

The meeting was chaired by Shri Ravi Venkatesan, Chairman of the Bank. Shri P S Jayakumar, MD & CEO, Shri Mayank K. Mehta and Smt. Papia Sengupta, Executive Directors of the Bank and other Directors of the Bank were present.

The Chairman apprised the Shareholders on the Economic and Banking Environment, new initiatives taken by the Bank and future strategy to be adopted to further strengthen the Bank.

“Bank of Baroda, has been able to make significant strides in becoming competitive and improving market share and profitability. The consequence of embarking on a fundamental transformation exercise in 2015 is that the Bank has emerged as one of the strongest large banks in India,” the Chairman said. “Early recognition and cleaning of books has resulted in a provision coverage of 67.21%, which is highest amongst Public sector banks. The bank has added more than 24mn customers over a span of 36 months with the customer base now at 78mn. I am confident that as the economy strengthens, as credit offtake improves, as the NPAs get resolved, Bank of Baroda will be able to grow profits strongly,” he added.

The Shareholders of the Bank discussed, approved and adopted the Balance Sheet of the Bank as on 31st March, 2018, Profit and Loss Account for the year ended 31stMarch, 2018, the report of the Board of Directors on the working and activities of the Bank for the period covered by the accounts and the Auditor’s report on the Balance sheet and Accounts and approved the relevant resolution unanimously.

Shri P. S. Jayakumar responded to the observations made by the Shareholders and discussed on various aspects regarding qualitative business growth, increase in various portfolios and fees income, digital payment systems & their related cyber securities and action on NPAs etc. He also informed the future plans of business growth and profits of the Bank.

At the end, the Chairman thanked all the participants/stake holders and the shareholders present for their active participation.
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