IOB gets shareholders’ nod for ₹4,100-cr infusion by GoI

State-owned Indian Overseas Bank on Wednesday convened an Extraordinary General Meeting (EGM) of its shareholders for a ₹4,100-crore capital infusion.

The Chennai-headquartered PSU lender obtained shareholders’ approval for issuance of 246,54,23,932 equity shares to the Government of India (GoI) on preferential basis for a capital infusion of ₹4,100 crore, according to a statement.

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The EGM was conducted through the virtual medium and was attended by directors, shareholders and other stakeholders of the bank.

The issue price of the equity share was ₹16.63 per share (including share premium of ₹6.63 per share).

Of the ₹4,100 crore, an amount of ₹2,465.42 crore will be credited to the share capital account and ₹1,634.58 crore will be credited to the share premium account.

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

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