HYDERABAD: Bank of India (BoI) is planning to go in for another round of overseas fund raising exercise for $250 million and has applied for the approval of the Reserve Bank of India (RBI) for the issue. The bank is hopeful of getting RBI's approval shortly and the funds would be utilised for tapping global markets.

Speaking to reporters on the sidelines of the 39th annual general meeting of the Asian Development Bank here on Friday, BoI Chairman and Managing Director, M. Balachandran, said the bank had recently raised the first tranche of $250 million under the medium term note (MTN) programme of $1 billion for its international operations. Subsequent tranches might be raised through innovative Tier-I and/or upper Tier-II instruments from the international markets after the receipt of regulatory approvals, he said.

The CMD, however, ruled out the possibility of the Central Government reducing its holding in the bank from 69 per cent as well as the likelihood of the bank coming out with a follow-on public offer in the near future.

Bank of India had drawn up an aggressive expansion programme for its international operations.

The overseas expansion plans also included upgrading operations in Indonesia and setting up of a subsidiary in Tanzania at an outlay of $10 million.

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