IOB seeks investors' nod for QIP of Rs 1,300 crore

The bank's gross amount of NPAs was Rs 30,049 crore at the start of this financial year

Ailing public sector lender Indian Overseas Bank (IOB) has finalised a turnaround strategy, with a focus on bad loan recoveries, credit monitoring, human resource management and development. 

The bank is also moving an enabling resolution to raise about Rs 1,300 crore from qualified institutional buyers. Qualified institutional placement (QIP) allows an Indian-listed company to raise capital from its domestic markets without the need to submit any pre-issue filings to market regulators.

The bank has sought investors’ nod for the QIP.

R Subramaniakumar, the bank’s managing director and chief executive officer, said in a letter to shareholders that the bank has finalised a turnaround