IOB proposal to raise Rs 1,200 cr through QIP gets nod

Shareholders of the public sector Indian Overseas Bank today approved its proposal to raise Rs 1,200 crore through qualified institutional placements (QIP).
The shareholders approved the proposal during the 14th Annual General Meeting of the bank held here, a bank statement said.
"...The shareholders approved the proposal for raising of capital by way of QIP up to Rs 1,200 crore, including share premium, subject to regulatory approvals," it said.
In his address, bank Chairman and Managing Director M Narendra said: "there will be increased attention on reduction of NPAs through intensive recovery measures throughout the year and ensuring maintenance of asset quality".