Business Standard

Board of Indian Overseas Bank approves raising capital up to Rs 6000 cr

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At meeting held on 22 April 2024
The Board of Indian Overseas Bank at its meeting held on 22 April 2024 has approved to raise paid up equity share capital to a maximum extent of Rs 5000 crore to the public, by way of Follow-on Public Offer / Rights Issue /Qualified Institutional Placement / ESPS/ Preferential Issue or any other mode or combination thereof,in one or more tranches within a period of 12 months from the date of approval, after obtaining the necessary approval of the Government of India and the approval of shareholders through Annual General Meeting (AGM)/Extraordinary General Meeting (EGM).
The Board also approved to raise Tier II capital by issue of BASEL III Compliant Tier II Bonds up to a maximum extent of Rs.1000 crore depending upon the requirement, with or without green shoe option, in one or more tranches within a period of 12 months from the date of approval.
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First Published: Apr 22 2024 | 5:50 PM IST

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