IOB convenes EGM of shareholders

Chennai: Indian Overseas Bank (IOB) on Wednesday convened an Extraordinary General Meeting of the Shareholders and obtained their approval for issuance of 246,54,23,932 equity shares to Government of India on preferential basis for the Capital infusion of Rs. 4100 crores by the Centre.

The EGM was conducted through virtual medium and was attended by

Directors, Shareholders and other stakeholders of the Indian Overseas Bank.

The issue price of equity share is Rs. 16.63 per share (including share premium of Rs. 6.63 per share).

Out of Rs. 4,100 crore, an amount of Rs. 2,465.42 crore will be credited to Share Capital Account and Rs. 1,634.58 crore will be credited to Share Premium Account.

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