Indian Overseas Bank to raise additional amount of Rs. 350 crore

The Board of Directors of Indian Overseas Bank at the Meeting held on November 11, 2013 had decided on the Issue of Capital by way of Preferential Allotment of Equity Shares to Government of India, LIC and its various schemes to the extent of Rs. 2100 crore.

The Board at its meeting held on December 14, 2013 has considered and approved the proposal to raise Bank's equity share of face value of Rs. 10/- with premium on preferential basis and or QIP basis up to Rs. 350 crore at the price as determined under SEBI (ICDR) regulations, not diluting below 65% of Government of India holding. This is over and above the original approval accorded by the Board on at its meeting held on November 11, 2013 to raise capital to the extent of Rs. 2100 crore.

Shares of Indian Overseas Bank was last trading in BSE at Rs.48.40, down by Rs.0.35 or 0.72%. The stock hit an intraday high of Rs.49.25 and low of Rs.48.10.

The total traded quantity was 0.84 lakhs as compared to 2 week average of 0.66 lakhs.

Source : Equity Bulls

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