IOB to raise about Rs 261 crore via issue of equity shares

Indian Overseas Bank (IOB) is planning to raise about Rs 261 crore. In this regard, the company will issue over 9 crore equity shares of face value of Rs 10 each at an issue price of Rs 28.55 including premium to qualified institutional buyers (QIBs). The decision was taken at a meeting of the committee of directors May 20, 2016.

Indian Overseas Bank (IOB) was founded on February 10th 1937, a pioneer in many fields - Banking, Insurance and Industry with the twin objectives of specialising in foreign exchange business and overseas banking.