Indian Overseas Bank’s shareholders have approved the special resolution to issue 269,54,67,422 equity shares at issue price of Rs 14.12 per equity share (including premium of Rs 4.12 per equity share) on preferential basis to Government of India for the capital infusion of Rs 3,806 crore received from the Government in February 2019. This capital infusion will help the bank shore up its capital adequacy requirements and enable the bank build a robust loan book.
Indian Overseas Bank is a pioneer in many fields - Banking, Insurance and Industry with the twin objectives of specialising in foreign exchange business and overseas banking.
