Indian Overseas Bank has received an approval for the Capital Plan of the Bank for the year 2019-20. The Board of the Bank at its meeting held on May 09, 2019, approved the same.
The Board has given an approval to issue equity shares to a maximum extent of 300 crore equity shares with appropriate premium to the public, by way of Follow on Public Offer/Rights Issue with or without participation from GOI/issue of equity shares to Qualified Institutional Buyers/issue of Shares to Employees under SEBI (Share Based Employee Benefits) Regulations, 2014/issue of shares on preferential basis to LIC and other insurance companies/mutual funds/QIBs, after obtaining the approval of the shareholders.
Also, the Board has given an approval to raise Tier II capital by issue of BASEL III Compliant Tier II Bonds up to a maximum extent of Rs 1500 crore with or without applicable green shoe option, in one or more tranche/s. on private placement/to retail segment by way of public issue either domestically or overseas.
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.
