Indian Overseas Bank seeks shareholders nod for issue of 246,54,23,932 shares at Rs. 16.63

The Board of Directors of Indian Overseas Bank in its meeting held today ie. 12.04.2021 have approved the issue of Equity Shares by the Bank on Preferential Basis to Government of India for the capital infusion of Rs.4100 crore received during Financial Year 2020-21.

The board approved proposal for convening Extraordinary General Meeting (EGM) through VC/OAVM of the shareholders of the Bank on 12th May, 2021.

The board has sought approval of shareholders for issue of 246,54,23,932 equity shares of face value of Rs. 10 each for cash at Issue Price of Rs. 16.63 per equity share (including premium of Rs. 6.63 per equity share), as determined in accordance with Regulation 164(1) of SEBI (ICDR) Regulations, 2018, aggregating Rs. 4100 crore (including share premium) to Government of India on preferential basis subject to applicable regulatory provisions.

Shares of INDIAN OVERSEAS BANK was last trading in BSE at Rs.16.1 as compared to the previous close of Rs. 17.8. The total number of shares traded during the day was 2682184 in over 3785 trades.

The stock hit an intraday high of Rs. 17.5 and intraday low of 15.5. The net turnover during the day was Rs. 43416693.

Source : Equity Bulls

Keywords