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Indian Overseas - Outcome of Board Meeting

By Religare

With reference to the earlier announcement regarding conveying the decision of the Board at the Meeting held on November 11, 2013 on the Issue of Capital by way of Preferential Allotment of Equity Shares to Government of India, LIC and its various schemes to the extent of Rs. 2100 crore, Indian Overseas Bank has now informed BSE that the Board at its meeting held on December 14, 2013 has considered and approved the following:

"To raise Banks equity share of face value of Rs. 10/- with premium on preferential basis and or QIP basis up to Rs. 350 crore at the price as determined under SEBI (ICDR) regulations, not diluting below 65% of Government of India holding. This is over and above the original approval accorded by the Board on at its meeting held on November 11, 2013 to raise capital to the extent of Rs. 2100 crore."

Read more about: indian overseas bank
Story first published: Monday, December 16, 2013, 9:14 [IST]
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