Bank of India has submitted its statement on the utilization of proceeds from its public issue, rights issue, and preferential issue for the quarter ending September 30, 2026. The bank explicitly states that there has been no deviation or variation (NIL) in the application of these funds. This confirmation aligns with SEBI regulations for listed non-convertible debt securities, assuring stakeholders of adherence to the original fund allocation plans.
Bank of India Reports NIL Fund Use Deviation for Q2 FY27
Bank of India has officially communicated that there has been no deviation or variation in the utilization of funds raised through its public issue, rights issue, preferential issue, and the issuance of listed Non-Convertible Debt Securities. This declaration pertains to the financial quarter that concluded on September 30, 2026.
Regulatory Compliance
The statement, submitted in accordance with Regulation 32(1) and 52(7) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI Circular No.: SEBI/HO/DDHS/08/2020 dated January 17, 2020, affirms that the deployed funds precisely matched the intended purposes as outlined in the offer documents.
Statement on Fund Utilization
The bank provided a detailed statement for the quarter, indicating that no specific applications for fund utilization were required for reporting as the utilization remained as per the original plan. The corresponding sections for any deviation or variation in the use of issue proceeds, including explanations and comments from the audit committee and auditors, were marked as ‘Not Applicable’, reinforcing the absence of any discrepancies.
Financial Indebtedness Update
In a related disclosure, Bank of India also provided an update on its financial indebtedness as of the reporting date. The total financial indebtedness, encompassing both short-term and long-term debt, stood at ₹1,21,929.58 crore. Importantly, the statement reported ‘Nil’ outstanding amounts and defaults for loans/revolving facilities from Banks/Financial Institutions and for unlisted debt securities such as NCDs and NCRPS.
Signatory Information
The disclosures were signed by Vineet Srivastava, General Manager & CFO, on October 23, 2026, from Mumbai.
Source: BSE
