IOB to allot equity shares to Govt of India on preferential basis

Nov 19, 2013, 02.22 PM IST

Indian Overseas Bank has informed that the Committee of Directors for preferential issue of Shares met on November 18, 2013 and has fixed the price at Rs. 52.23 per Equity Share in compliance with regulation 76(1) of SEBI ICDR Regulations) and determined to allot 22,97,53,015 equity shares to Govt. of India.

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IOB to allot equity shares to Govt of India on preferential basis

Indian Overseas Bank has informed that the Committee of Directors for preferential issue of Shares met on November 18, 2013 and has fixed the price at Rs. 52.23 per Equity Share in compliance with regulation 76(1) of SEBI ICDR Regulations) and determined to allot 22,97,53,015 equity shares to Govt. of India.

Like this story, share it with millions of investors on M3

IOB to allot equity shares to Govt of India on preferential basis

Indian Overseas Bank has informed that the Committee of Directors for preferential issue of Shares met on November 18, 2013 and has fixed the price at Rs. 52.23 per Equity Share in compliance with regulation 76(1) of SEBI ICDR Regulations) and determined to allot 22,97,53,015 equity shares to Govt. of India.

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With reference to the earlier announcement regarding the decision taken at the Board meeting of the Company held on November 11, 2013 about allotment of Equity Shares to Govt. of India on preferential basis and to constitute a Committee of Directors with powers delegated to carry out the same in compliance with SEBI -ICDR Regulations, Indian Overseas Bank has now informed BSE that the Committee of Directors for preferential issue of Shares met on November 18, 2013 and has fixed the price at Rs. 52.23 (Rs. Fifty Two and Twenty Three Paise only) per Equity Share (including premium of Rs. 42.23 per equity share) in compliance with regulation 76(1) of SEBI ICDR Regulations) and determined to allot 22,97,53,015 equity shares to Govt. of India aggregating to Rs. 1199,99,99,973.45 (including share premium) subject to receipt of funds from Govt. of India and approval by shareholders at the EGM to be held on December 16, 2013 at Chennai.Source : BSE

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