Indian Overseas Bank' EGM on Mar 28, 2018 to approve preferential issue

The Extraordinary General Meeting of the shareholders of Indian Overseas Bank is to be held on Wednesday, 28th March 2018 at 10.00 a.m. at Sathguru Gnanananda Hall, Narada Gana Sabha, 314 TTK Road, Alwarpet, Chennai-600018) to create, offer, issue and allot up to 211,33,56,491 (Two Hundred and Eleven Crores Thirty Three Lakhs Fifty Six Thousand Four Hundred and Ninety One) equity shares of Rs.10/- each (Rupees Ten only) for cash at Issue Price of Rs.23.03 per equity share (including premium of Rs. 13.03 per equity share) aggregating up to Rs.4867.06 crore (Rupees Four Thousand Eight Hundred and Sixty Seven Crore and Six Lakhs only) as determined by the Board in accordance with Regulation 76 (1) of SEBI (ICDR) Regulations on preferential basis to Government of India (President of India).

Shares of INDIAN OVERSEAS BANK was last trading in BSE at Rs.19.8 as compared to the previous close of Rs. 19.55. The total number of shares traded during the day was 38630 in over 127 trades.

The stock hit an intraday high of Rs. 19.8 and intraday low of 19.4. The net turnover during the day was Rs. 759199.

Source : Equity Bulls

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