Indian Overseas Bank (IOB) is planning to mop-up around Rs 900 crore through Qualified institutional placement (QIP), private placement and other modes.
Recently, Government of India (GoI) has announced that it will infuse Rs 1,200 crore into the Bank. IOB is one of the 20 public sector banks in which Government decided to infuse around Rs 14,000 crore in 2013-14, through preferential allotment of equity in its favour. GoI stake in IOB currently stands at around 78.2%.
Indian Overseas Bank is one of the largest public sector banks in the country with a total business of over Rs 3.67 lakh crore and set a target to cross Rs 4.50 lakh crore.