IOB to raise Rs. 400 cr by selling shares to LIC

February 10, 2014 04:35 pm | Updated May 18, 2016 07:20 am IST - New Delhi

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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