Indian Overseas Bank to allot Equity Shares to Govt. of India at Rs. 52.23

Indian Overseas Bank has announced with reference to the decision taken at the Board meeting of the Company held on November 11, 2013 about allotment of Equity Shares to Govt. of India on preferential basis and to constitute a Committee of Directors with powers delegated to carry out the same in compliance with SEBI -ICDR Regulations. The Committee of Directors for preferential issue of Shares met on November 18, 2013 and has fixed the price at Rs. 52.23 (Rs. Fifty Two and Twenty Three Paise only) per Equity Share (including premium of Rs. 42.23 per equity share) in compliance with regulation 76(1) of SEBI ICDR Regulations) and determined to allot 22,97,53,015 equity shares to Govt. of India aggregating to Rs. 1199,99,99,973.45 (including share premium) subject to receipt of funds from Govt. of India and approval by shareholders at the EGM to be held on December 16, 2013 at Chennai.

Shares of Indian Overseas Bank was last trading in BSE at Rs.51.65, up by Rs.1.45 or 2.89%. The stock hit an intraday high of Rs.52 and low of Rs.50.30.

The total traded quantity was 0.73 lakhs as compared to 2 week average of 1.40 lakhs.

Source : Equity Bulls

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