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IOB plans to raise Rs. 16.26 billion from govt, LIC

The Chennai-based public sector bank has received the approval from its Board for the preferential allotment of equity shares.

November 12, 2013 11:52 IST | India Infoline News Service
Indian Overseas Bank (IOB) said that it is planning to raise around Rs. 16.26 billion from the government and the Life Insurance Corporation of India.

The Chennai-based public sector bank has received the approval from its Board for the preferential allotment of equity shares.

IOB said that the Government has conveyed its decision to infuse capital funds to the Bank to the extent of Rs. 12 billion and advised the Bank to take all preparatory steps in this regard.

Accordingly IOB board in its meeting on Monday has approved to issue Bank's equity shares of face value of Rs. 10/- with premium on preferential basis to Government of India and LIC of India (under its various schemes) up to an amount of Rs. 16.26 billion (including premium).

The Board also gave its approaval to issue perpetual bonds up to Rs. 24.97 billion and authorised the Chairman and Managing Director to fix the size of the issue and finalise the terms and conditions.

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