IOB to fund Rs. 1000 Crore for Infrastructure Development in Union Territory of Jammu and Kashmir

As part of the Banks Business plan to widen Credit Growth and funding towards Infrastructure Development across the Nation, Indian Overseas Bank has sanctioned a loan of Rs. 1000 Cr (of which amount disbursed is Rs.500 cr) to M/s. Jammu and Kashmir Infrastructure Development Finance Corporation Limited (JKIDFC) guaranteed by Union Territory of J & K, towards part funding for completion of the languishing infrastructure projects in J&K and other new infrastructure projects which are a priority for the state.

Indian Overseas Bank is one of the First Public Sector Banks to lend to Jammu and Kashmir Infrastructure Development Finance Corporation Limited which is incorporated to complete various projects belonging to the various departments like Agriculture Production, Animal Husbandry, Housing & Urban Development, Industries & Commerce Department, Jal Shakti Department, Public Works Department, School Education Department etc.

Shares of Indian Overseas Bank was last trading in BSE at Rs. 17.75 as compared to the previous close of Rs. 17.90. The total number of shares traded during the day was 481109 in over 1220 trades.

The stock hit an intraday high of Rs. 17.95 and intraday low of 17.65. The net turnover during the day was Rs. 8559006.00.

Source : Equity Bulls

Keywords

IndianOverseasBank INE565A01014 IOB InfrastructureDevelopment JKIDFC