Indian Overseas Bank approves issue of shares

The Board of Directors of Indian Overseas Bank at its meeting held on May 27, 2016, has considered and approved the proposal to issue equity shares to a maximum extent of 78.82 crore shares at Rs. 10/- each with appropriate premium as determined by SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, by way of Follow-on Public Offer or Qualified Institutions Placement or issue of shares on preferential basis to LIC and other insurance companies/mutual funds/Government of India or shares to Employees under SEBI (Share Based Employee Benefits) Regulations, 2014.

The Board approved proposal to raise Tier I/Tier II capital by issue of Additional Tier I Perpetual/Tier II BASEL III Compliant Bonds of Rs. 2500 crore and Rs. 1500 crore respectively with applicable green shoe option, in one or more tranche/s, on private placement/to retail segment by way of public issue as per headroom available and includes the earlier reported figure to stock exchanges.

Shares of INDIAN OVERSEAS BANK was last trading in BSE at Rs.26.8 as compared to the previous close of Rs. 27.2. The total number of shares traded during the day was 148967 in over 614 trades.

The stock hit an intraday high of Rs. 27.6 and intraday low of 26.75. The net turnover during the day was Rs. 4023531.

Source : Equity Bulls

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