Indian Overseas Bank has received an approval 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. The board of directors at their meeting held on December 12, 2015, has approved for the same.
The bank has posted a net loss at Rs 550.83 crore for the quarter ended September 30, 2015 as compared to net loss Rs 245.51 crore for the same quarter in the previous year. However, total income has increased by 5.11% at Rs 6769.94 crore for quarter under review as compared to Rs 6440.77 crore for the quarter ended September 30, 2014.
The bank’s gross NPA for the July-September quarter of the current fiscal rose to 11.00%, as compared to 9.35% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 7.41% in Q2FY16.
