Bank of India has received its shareholders approval to raise up to Rs 8,000 crore through several modes including equity shares.

The shareholders gave the approval in its Extraordinary General Meeting on Saturday, the bank said in a regulatory filing.

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It said that they gave the “approval to raise fresh capital up to an amount of Rs 8,000 crore by way of equity shares/tier-I/tier-II bonds by way of public issue or right issue or preferential issue or QIP or private placement or any other permitted mode at an appropriate time whether at a discount or premium to the market price”.

Several public and private sector banks are raising capital to strengthen their buffer amid the pandemic.