Indian Overseas Bank allots 178248855 Shares

Indian Overseas Bank has allotted 3,09,37,467 (Three Crore nine lac thirty seven thousand four hundred and sixty seven only) equity shares of Rs. 10/- each (Rs. Ten only) for cash at Issue Price of Rs. 97.82 per equity share (including premium of Rs. 87.82 per equity share) as determined by the Board in accordance with Regulation 76(IV) of SEBI ICDR Regulations up to Rs. 302,63,03,021.94 (Rs. Three hundred two crore sixty three lac three thousand and twenty one and paise ninety four only) on preferential basis to L1C of India and its various schemes.

The Bank has also allotted 14,73,11,388 (Fourteen crore seventy three lakh eleven thousand three hundred and eighty eight) equity shares of Rs.10/- each (Rupees Ten only) for cash at Issue Price of Rs. 97.82 per Equity Share (Including premium of Rs. 87.82 per Equity Share) as determined by the Board in accordance with Regulation 76 (1) of SEBI ICDR Regulations amounting to Rs. 1440,99,99,974.16 (Rs. One thousand four hundred and forty crore ninety nine lakh ninety nine thousand nine hundred and seventy four and paise sixteen only) on preferential basis to Government of India (President of India).

The Indian Overseas Bank stock closed the day at Rs.94.30, up by Rs.3.40 or 3.74%. The stock hit an intraday high of Rs.94.90 and low of Rs.92.

The total traded quantity was 0.65 lakhs compared to 2 week average of 0.71 lakhs.

Source : Equity Bulls

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