Money & Banking

IOB gets shareholders’ nod for ₹4,100-cr infusion by GoI

Our Bureau Chennai | Updated on May 13, 2021

Fund-infusion to increase GoI’s stakeholding to 96.38% from 95.84%

State-owned Indian Overseas Bank on Wednesday convened an Extraordinary General Meeting (EGM) of its shareholders for a ₹4,100-crore capital infusion.

The Chennai-headquartered PSU lender obtained shareholders’ approval for issuance of 246,54,23,932 equity shares to the Government of India (GoI) on preferential basis for a capital infusion of ₹4,100 crore, according to a statement.

Also read: IOB launches retail loans on digital platform

The EGM was conducted through the virtual medium and was attended by directors, shareholders and other stakeholders of the bank.

The issue price of the equity share was ₹16.63 per share (including share premium of ₹6.63 per share).

Of the ₹4,100 crore, an amount of ₹2,465.42 crore will be credited to the share capital account and ₹1,634.58 crore will be credited to the share premium account.

Accordingly, the shareholding of the GoI will increase to 96.38 per cent from 95.84 per cent.

Published on May 13, 2021

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