IOB board approves fund raising plan of ₹2,000 crore for FY23

The board of Indian Overseas Bank (IOB) has approved a proposal to raise ₹2,000 crore during the current fiscal, subject to shareholders approval.

On Wednesday, the board approved the issue of equity shares to a maximum extent of ₹l,000 crore with appropriate premium either by way of follow-on public offer or rights issue, with or without participation from the Union government, it said in a regulatory filing.

Further, the public sector lender also considered issuing shares to qualified institutional buyers, employees, LIC and other insurance companies, mutual funds on preferential basis.

It was also decided to raise tier II capital by way of issue of bonds up to a maximum extent of ₹1,000 crore with or without green shoe option, in one or more tranches on a private placement basis to retail segment by way of public issue either domestically or overseas.

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Printable version | Jul 28, 2022 3:28:28 pm |