Epic Update : Indian Overseas Bank

Indian Overseas Bank (IOB) is planning to raise up to Rs 1,542 crore by way of preferential allotment of shares to the Government of India and Life Insurance Corporation of India (LIC). The bank has received board’s approval to issue shares of Rs 10 face value at a premium to be determined on a preferential basis to GoI and LIC (under its various schemes) up to Rs 1,542 crore.

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