Board of Indian Overseas Bank approves capital plan for FY23

15 Jun 2022 , 04:46 PM

The Board of Indian Overseas Bank at its meeting held on 15 June 2022 has approved the capital plan for FY 2022-23 as under: a) Considered and approved issue of equity shares to a maximum extent of Rs.1000 crore with appropriate premium to the public, by way of Follow on Public Offer / Rights Issue with or without participation from GOI / issue of equity shares to Qualified Institutional Buyers / issue of Shares to Employees under SEBI(Share Based Employee Benefits and Sweat Equity) Regulations, 2021 / issue of shares on preferential basis to LIC and other insurance companies / mutual funds / QIBs, after obtaining the approval of the shareholders. b) to raise Tier II capital by issue of BASEL III Compliant Tier II Bonds upto a maximum extent of Rs.1000 crore with or without applicable green shoe option, in one or more tranche/s. on private placement/ to retail segment by way of public issue either domestically or overseas.Powered by Capital Market – Live News