Board of Indian Overseas Bank approves raising capital up to Rs 6000 cr

At meeting held on 22 April 2024

The Board of Indian Overseas Bank at its meeting held on 22 April 2024 has approved to raise paid up equity share capital to a maximum extent of Rs 5000 crore to the public, by way of Follow-on Public Offer / Rights Issue /Qualified Institutional Placement / ESPS/ Preferential Issue or any other mode or combination thereof,in one or more tranches within a period of 12 months from the date of approval, after obtaining the necessary approval of the Government of India and the approval of shareholders through Annual General Meeting (AGM)/Extraordinary General Meeting (EGM).

The Board also approved to raise Tier II capital by issue of BASEL III Compliant Tier II Bonds up to a maximum extent of Rs.1000 crore depending upon the requirement, with or without green shoe option, in one or more tranches within a period of 12 months from the date of approval.

Powered by Capital Market - Live News