IOB fixes preferential issue price at Rs.97.82

The Committee of Directors of Indian Overseas Bank for preferential issue of Shares met on February 21, 2012 and has fixed the price at Rs. 97.82 per Equity Share (including premium of Rs. 87.82) in compliance with regulation 76(1) of SEBI ICDR Regulations) and determined the number of shares (upto 17,12,32,876) to be allotted to Govt. of India on their capital contribution of up to Rs. 1675 crore.

The committee has fixed the price at Rs. 97.82 per Equity Share (including premium of Rs. 87.82) in compliance with regulation 76(4) of SEBI ICDR Regulations) and determined the number of shares (upto 3,09,37,467 being 5% of pre-issue capital) to be allotted to LIC of India on their capital contribution of up to Rs. 302.63 crore.

The number of shares to be allotted both to Govt. of India and LIC and its various schemes will vary according to the capital contribution from Govt. of India and LIC and its various schemes respectively within the amounts mentioned above.

The Indian Overseas Bank stock was trading at Rs.107.05, down by Rs.2.85 or 2.59%. The stock hit an intraday high of Rs.119 and low of Rs.105.55.

The total traded quantity was 2.44 lakhs compared to 2 week average of 1.84 lakhs.

Source : Equity Bulls

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