Indian Overseas Bank - Increase of Authorised Capital

The Central Government, after consultation with Reserve Bank of India, has increased the authorised capital of the Bank by Rs. 5,000 crore from Rs. 10,000 crore to Rs. 15,000 crore through Gazette Notification.

The increase in authorised capital will enable the Bank to take steps to shore up its capital adequacy by way of issue of share capital including in case of further capital infusion by the Government.

The Bank's Board of Directors have approved issue of equity capital during 2019-20 to a maximum extent of 300 crore equity shares with appropriate premium by way of public issue, rights issue, shares to employees, preferential issue and by way of QIP. The shareholders of the Bank have also accorded their approval for the same at the recently held Annual General Meeting held on 10th July 2019.

Shares of INDIAN OVERSEAS BANK was last trading in BSE at Rs.11.13 as compared to the previous close of Rs. 11.27. The total number of shares traded during the day was 50484 in over 120 trades.

The stock hit an intraday high of Rs. 11.36 and intraday low of 11.09. The net turnover during the day was Rs. 565014.

Source : Equity Bulls

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