Government of India (GoI) has increased its shareholding in Indian Overseas Bank by 4.18%. The bank has allotted preferential shares to the government as part of its efforts to raise funds of about Rs 1,000 crore. Following this, the percentage of shares held by the government in the bank has gone up from 69.62% to 73.80%.
The bank reported 7.60% rise in its net profit at Rs 116.50 crore for third quarter ended December 31, 2012 as compared to Rs 108.27 crore for the same quarter in the previous year.
