Bank of China (HKG:3988, SHA:601988) plans to raise its Tier 1 capital through a share placement plan amounting to 165 billion yuan, according to a Shanghai Stock Exchange disclosure on Saturday.

The issue price is 6.05 yuan per share, which is not less than 80% of the average trading price of the bank's A-shares during the 20 trading days prior to the pricing benchmark date.

China's Ministry of Finance will be the subscriber for this issuance, the disclosure said.

The issuance has been registered with the China Securities Regulatory Commission and was approved by the Shanghai bourse.

After the issuance, Central Huijin Investment will remain as the bank's controlling shareholder.