Public sector lender Indian Overseas Bank on Monday said its board has approved raising Rs. 350 crore through qualified institutional placement (QIP).
"The board at its meeting held on December 14, 2013 has approved the raising of bank's equity share of face value of Rs. 10 with premium on preferential basis and or QIP basis up to Rs. 350 crore," IOB said in a filing to Bombay Stock Exchange.
"The raising of an amount of Rs. 350 crore by Qualified Institutional Buyers basis will be 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," it added.