IOB fixes issue price at Rs 41.37 per share

Indian Overseas Bank (IOB) has informed the exchanges that its Committee of Directors fixed the issue price at Rs 41.37 per equity share (including premium of Rs.31.37) for allotment of equity shares to the Government of India under preferential issue.

The Bank would allot 48,56,17,597 equity shares on the issue price as part of Government's plan to infuse around Rs 2009 crore into the Bank.

At present, the promoter, the President of India, holds 73.8% stake in the Bank.