IOB gets shareholders' nod to raise Rs 2,009 cr from govt

Bank to raise the money through preferential allotment

Indian Overseas Bank (IOB) has got shareholders approval to raise Rs 2,009 crore from Government of India through preferential basis.

The lender's EGM was held on September 23rd and a special resolution was passed by the majority of shareholders, according to IOB's announcement to BSE.

To cretate, offer, issue and allot upto 48,56,17,597 equity shares of rs 10 each for a cash at issue price of Rs 41.37 equity share, including premium of Rs 31.37 a share, as determined by the Board aggregating to Rs 2,009 crore on preferential basis to Government of India.