Indian Overseas Bank to raise Rs 1,570 crore through public offer

CHENNAI: State-owned Indian Overseas Bank (IOB) today said it proposes to raise up to Rs 1,570 crore at the current market price from the public offer to fund its growth plan.
In a statement to the BSE, IOB said that “the bank may proceed, based on the approval of shareholders at the annual general meeting held on June 30, 2015, to raise capital by issue of equity shares to the public not exceeding 51.79 crore shares of face value of Rs 10 each at appropriate premium.
Shares of the bank closed at Rs 30.45 per unit, down 0.33 per cent on the BSE on Friday. So, the bank would be able to raise Rs 1,577 crore as per the Friday's closing price. The government holding in the bank was 73.80 per cent at the end of September 2015.