Indian Overseas Bank Share Price – NSE  /  BSE

Banks, Mid Cap

The Board of Indian Overseas Bank at its meeting held on 22 April 2024 has approved to raise paid up equity share capital to a maximum extent of Rs 5000 crore to the public, by way of Follow-on Public Offer / Rights Issue /Qualified Institutional Placement / ESPS/ Preferential Issue or any other mode or combination thereof,in one or more tranches within a period of 12 months from the date of approval, after obtaining the necessary approval of the Government of India and the approval of shareholders through Annual General Meeting (AGM)/Extraordinary General Meeting (EGM).

The Board also approved to raise Tier II capital by issue of BASEL III Compliant Tier II Bonds up to a maximum extent of Rs.1000 crore depending upon the requirement, with or without green shoe option, in one or more tranches within a period of 12 months from the date of approval.

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“To discuss and approve the capital raising plan for FY 2024-25 through follow-on public offer (FPO)/rights issue/ qualified institutional placement (QIP) / preferential issue or any other mode or combination thereof and /or through issue of BASEL III compliant Tier II Bonds or such other securities as may be permitted under the applicable laws subject to necessary regulatory approvals and in one or more tranches within a period of 12 months from the date of approval,” the bank stated in the regulatory filing.

Indian Overseas Bank is engaged in the business of banking & financial services.

The company’s consolidated net profit jumped 30.5% to Rs 724.13 crore in Q3 FY24 as compared with Rs 555.05 crore in Q3 FY23. Total income increased 32.8% YoY to Rs 7,442.85 crore in Q3 FY24.

The scrip rose 0.44% to end at Rs 61.99 on Tuesday, 16 April 2024.

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Indian Overseas Bank will hold a meeting of the Board of Directors of the Company on 22 April 2024.

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The Board of Indian Overseas Bank will meet on 22 April 2024 to approve the capital raising plan for FY 2024-25 through Follow-on Public offer (FPO)/Rights issue/ Qualified Institutional Placement (QIP) / Preferential issue or any other mode or combination thereof and /or through issue of BASEL III compliant Tier II Bonds or such other securities.

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