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Indian Overseas - Updates on Outcome of Board Meeting

By Religare

With reference to the earlier letter dated December 14, 2013 regarding the Board at its meeting held on December 14, 2013 had approved the raising of Banks equity share of face value of Rs. 10/- with premium on preferential basis and or QIP basis up to Rs. 350 crore, Indian Overseas Bank has now informed BSE that raising of an amount of Rs. 350 crore will be either by way of preferential allotment basis and or Qualified Institutional Buyers basis in addition to the issue of equity shares to the extent of Rs. 900 crore to Qualified Institutional Buyers by way of private placement as approved by the Board on September 20, 2013 and or by way of preferential allotment as approved by the Board on November 11, 2013.

Read more about: indian overseas bank
Story first published: Monday, December 16, 2013, 22:08 [IST]
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