State-owned Bank of India on Saturday said its shareholders have approved a proposal to raise up to Rs 2,500 crore fresh equity capital through various modes.

The decision was taken at the bank’s annual general meeting held on July 15, Bank of India said in a release.

The shareholders approved the agenda to raise fresh capital, including share premium, by way of public issue, right issue, preferential issue, qualified institutional placement or through a private placement.

The meeting also took up the agenda to approve and adopt the audited accounts for the period ended March 31, and to declare a dividend for the financial year 2021-22 at Rs2 (20 per cent) per share.

Meanwhile, Bank of Baroda will raise Rs 1,000 crore debt capital by issuing long-term bonds to cater to the financing requirement in the infrastructure sector. The lender has received approval from its investment committee in a meeting held on Saturday.