State-run Bank of India is planning to raise up to 45 billion rupees ($539.65 million) via a qualified institutional placement (QIP) of new shares this week, fixed-income news service IFR reported on Tuesday.

The base size of the issue will be 22.5 billion rupees with an option to retain over subscription of the same amount, IFR reported, quoting people with knowledge of the transaction.

Lead managers to the issue include BNP Paribas, BOI Merchant Bankers, DAM Capital, IDBI Capital, IIFL Capital, Nuwama Wealth and SBI Capital Markets, according to the report.

In August 2021, Bank of India had raised 25.50 billion rupees through a QIP.

Bank of India did not immediately respond to a Reuters' email seeking comment.

Shares of Bank of India were trading 0.6% higher at 109.80 rupees apiece on Tuesday. ($1 = 83.3875 Indian rupees) (Reporting by Siddhi Nayak; Editing by Sohini Goswami)