Bank of India received an overwhelming response for its qualified institutional placement (QIP) of shares, which was subscribed 4.11 times. The state-owned lender’s QIP included a base size of Rs 2,250 crore, with a greenshoe option of another Rs 2,250 crore in case of oversubscription. A total of 104 bids were received, aggregating up to Rs 18,483 crore. The bank allocated shares to qualified institutional buyers at Rs 100.20 per share, which is a discount of nearly 5% to the floor price. Bank of India had received board approval in April to raise Rs 4,500 crore through a QIP or rights issue or via additional Tier-1 bonds.