IOB receives shareholder's nod

Tags: News
Public sector Indian Overseas Bank has received the shareholder's nod towards capital infusion at its meeting held here recently.

"Indian Overseas Bank has obtained the approval of shareholders at the Extraordinary General Meeting of Shareholders held in Chennai recently," the Chennai-based bank said in a statement.

The approval is to create, offer, issue and allot up to 22,97,53,015 equity shares of Rs 10 each for cash at issue price of Rs 52.23 per equity share (including premium of Rs 42.23) per equity share, it said.

"The price is determined by the Board in accordance with regulation 76(1) of SEBI ICDR Regulations which works out to Rs 1,199,99,99,973.45 (around Rs 1,200 crore)," it said.

The amount has since been received from Government and accordingly the bank has allotted equity shares to them on preferential basis, it said.

"With this the Government of India holding in the bank has increased to 79.01 per cent from 73.80 per cent," the statement added.

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