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IOB planning to raise up to Rs 1,542 crore via preferential allotment

31 Jan 2013 Evaluate

Indian Overseas Bank (IOB) is planning to raise up to Rs 1,542 crore by way of preferential allotment of shares to the Government of India and Life Insurance Corporation of India (LIC). The bank has received board’s approval to issue shares of Rs 10 face value at a premium to be determined on a preferential basis to GoI and LIC (under its various schemes) up to Rs 1,542 crore.

The bank has reported 7.60% rise in its net profit at Rs 116.50 crore for the quarter as compared to Rs 108.27 crore for the same quarter in the previous year. Total income of the bank has increased by 16.58% at Rs 5846.98 crore for quarter under review as compared to Rs 5015.33 crore for the quarter ended December 31, 2011.

Peers
Company Name CMP
State Bank Of India 952.80
PNB 114.30
Bank Of Baroda 234.55
Canara Bank 119.00
Union Bank Of India 173.00
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