Indian Overseas Bank to Raise 1570 Crore

Indian Overseas Bank (IOB) proposes to raise up to Rs 1,570 crore at the current market price from the public offer to fund its growth plan.

The bank plans to raise capital by issue of equity shares to the public not exceeding 51.79 crore shares of face value of Rs 10 each at appropriate premium.

It, however, did not specify the timing and the exact quantum of the public offer.

The central government holding in the bank was 73.80 per cent at the end of September 2015.

The approval for capital raising was obtained at the AGM held on June 30, 2015.