Indian Overseas Bank updates on QIP issue

The Board of Indian Overseas Bank at its meeting held on December 14, 2013 had approved the raising of Bank's equity share of face value of Rs. 10/- with premium on preferential basis and or QIP basis up to Rs. 350 crore, that raising of an amount of Rs. 350 crore will be either by way of preferential allotment basis and or Qualified Institutional Buyers basis in addition to the issue of equity shares to the extent of Rs. 900 crore to Qualified Institutional Buyers by way of private placement as approved by the Board on September 20, 2013 and or by way of preferential allotment as approved by the Board on November 11, 2013.

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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