The board of Indian Overseas Bank (IOB) has scheduled a meeting for Monday, April 22, 2024, to discuss ways to raise money for the upcoming fiscal year 2024–2025.
The bank stated in the regulatory filing that it intends to discuss and approve the capital raising plan for FY 2024–25 by means of a follow-on public offer (FPO), rights issue, qualified institutional placement (QIP), preferential issue, or any other mode or combination thereof, and/or by issuing Tier II Bonds that comply with BASEL III or other securities that may be permitted under applicable laws, subject to the required regulatory approvals and in one or more tranches within a year of the date of approval.
The activities of Indian Overseas Bank include banking and financial services.
In Q3 FY24, the company’s consolidated net profit increased by 30.5% to ₹724.13 Crore from ₹555.05 Crore in Q3 FY23. In Q3 FY24, total income rose 32.8% YoY to ₹7,442.85 Crore.
The share increased by 1.05% on Thursday, April 18, 2024, at Rs 62.55.
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