Indian Overseas Bank gets nod to raise funds through rights issue

31 Dec 2012 Evaluate

Indian Overseas Bank has received an approval to raise funds through rights issue of 20 crore equity shares of face value of Rs 10 each at a premium to be decided based on the market conditions. The board at its meeting held on December 29, 2012 has approved for the same.

Beside, the bank has also received in principle approval for issue of 20 crore fully convertible preference shares of face value of Rs 10 each at par to be converted into equity shares of Rs 10 face value at premium (to be decided at the time of issue) at a future period not exceeding five years from date of issue by way of private placement.

The bank has reported a fall of 23.63% in its net profit at Rs 158.43 crore for the quarter ended September 30, 2012 as compared to Rs 207.46 crore for the same quarter in the previous year. However, total income of the bank has increased by 14.36% to Rs 5515.04 crore for quarter under review as compared to Rs 4822.56 crore for the quarter ended September 30, 2011.

Indian Overseas Bank Share Price

52.23 -0.21 (-0.40%)
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