IOB allots 12.71-cr equity shares to Govt

Indian Overseas Bank has obtained the approval of its shareholders to create and allot 12.71 crore equity shares to the Government.

According to a press release from the bank, the approval is to create up to 12.71 crore equity shares of Rs 10 each for cash at an issue price of Rs 78.68 a share, including a premium of Rs 68.68 a share, for a total of Rs 1,000 crore to the Government of India.

The bank has already received the amount from the Government and, accordingly, allotted the equity shares to it on preferential basis.


Source: thehindubusinesslinea