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Govt increases authorised capital of Indian Overseas Bank by Rs 5,000 crore

Govt held around 92.52 per cent stake in IOB in the quarter that ended in June 2019.

Indian Overseas Bank, IOB
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BS Reporter Chennai
The government has increased the authorised capital of Indian Overseas Bank (IOB) by Rs 5,000 crore, enabling it to shore up its capital adequacy by issuing share capital. 

The state-owned lender said that the government, after consulting the Reserve Bank of India, has increased its authorised capital from Rs 10,000 crore to Rs 15,000 crore.

"The increase in authorised capital will enable the Bank to take steps to shore up its capital adequacy by way of issue of share capital including in case of further capital infusion by the Government," it said. 

Karnam Sekar, managing director and chief executive officer of IOB, has

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First Published: Jul 30 2019 | 6:33 PM IST

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