On 20 May 2016
Indian Overseas Bank announced that in respect of the issue of Equity Shares to qualified institutional buyers pursuant to the Issue, the Committee of Directors of the Bank, (the Committee), has at its meeting held on 20 May 2016 passed resolutions in connection with the following:(i) authorizing the closure of the Issue on 20 May 2016
(ii) approving and adopting the issue price of Rs.28.55 per Equity Share (including a premium of Rs. 18.55 per Equity Share) at a 5% discount to the floor price (the "Issue Price"), for the Equity Shares to be allotted to eligible qualified institutional buyers in the Issue;
(iii) authorizing the MD & CEO/ED(s)/GM(BSMD) & CFO for execution/approval of the final placement document (the "Placement Document") and of the confirmation of allocation note ("CAN").
Accordingly, the MD & CEO/ED(s)/GM(BSMD) & CFO has approved and adopted the placement document dated May 20. 2016 in connection with the Issue, (the "Placement Document"); and approved the form of the confirmation of allocation note ("CAN") to be sent to successful investors.
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