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IOB Officers’ Association, which represents more than 15,000 officers of the bank,, has given the thumbs up to the idea of utilising funds in the share premium account to set off the bank’s losses.
“IOB Officers’ Association has extended due support to the management in its path-breaking decision of balance sheet management by setting off the accumulated loss with the share premium amount, which is aimed at giving out a fair, true and clearer picture of the bank’s balance sheet.
“This will infuse confidence in the minds of investors of the bank,” T Murali Soundararajan, President, and B Srinivasan, General Secretary of the Association, said in a statement.
On January 5, Indian Overseas Bank said that it secured the board’s approval to utilise the ₹7,650 crore balance available in the share premium account to offset its accumulated losses of about ₹6,978.94 crore as on March 31, 2017.
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