Indian Overseas Bank is planning to raise Rs. 400 crore by allotting shares on a preferential basis to Life Insurance Corporation. The bank is holding an extraordinary general meeting on February 26 to seek the approval of shareholders. The bank said in a notice to shareholders that it will issue and allot up to 8.15 crore of Rs. 10 each at an issue price of Rs. 48.84 per share aggregating to Rs. 398.05 crore.

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