 "Indian Overseas Bank cuts loss to Rs 1,985 crore, plans to raise funds")
Indian Overseas Bank (IOB) has seen a reduction of 45 per cent in its net loss during the quarter ended March 31, 2019, even as there were increased provisions on non-performing assets (NPAs) and one big account declared as fraud. It has received approval from the Board to issue up to 300 crore equity shares at a premium to public through follow-on public offer, or rights issue, and to raise Tier II capital of up to Rs 1,500 crore by issue of Basel-III Compliant bonds.
The bank has reduced its NPA levels during the quarter compared to the corresponding quarter of
