Chennai, July 30 (IANS) The central government, after consultations with the Reserve Bank of India, has increased the authorised capital of Indian Overseas Bank (IOB) from Rs 10,000 crore to Rs 15,000 crore through a gazette notification.
In a statement issued here, the bank said the increase in the authorised capital will enable it to take steps to shore up its capital adequacy by way of issue of share capital including in case of further capital infusion by the central government.
The bank’s Board of Directors has approved the issue of equity capital during 2019-20 to a maximum extent of 300 crore equity shares with appropriate premium by way of public issue, rights issue, shares to employees, preferential issue and by way of QIP.
The shareholders of the bank have also accorded their approval for the same at the Annual General Meeting held on July 10.
–IANS
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