Govt stake in IOB increased to 65.87%

Chennai: The government's stake in public sector Indian Overseas Bank has increased from 61.23 per cent to 65.87 per cent as a result of capital infusion of Rs 1,054 crore into the Bank.

At a recent meeting, IOB allotted 7,39,49,343 equity shares of Rs 10 each at an issue price of Rs 142.53 per equity share totalling Rs 1,054 crore to Government of India on preferential basis, the Bank said in a statement.

With this development, the Government's holding in IOB has increased from 61.23 per cent to 65.87 per cent, it said.

On March 22, 2011, bank shareholders at their Extraordinary General Meeting, had given their approval for allotment of equity shares to Government of India, the statement added.

Source: Financial Express