Indian Overseas Bank rose 1.56% to Rs 35.75 at 10:55 IST on BSE after a Committee of Directors of the bank set the issue price at Rs 41.37 per equity share for the purpose of allotment of equity shares to Government of India on preferential basis.
The state-run bank made the announcement after market hours yesterday, 25 August 2015.
Meanwhile, the BSE Sensex was up 65.43 points, or 0.25% to 26,097.81.
On BSE, so far 74,534 shares were traded in the counter, compared with an average volume of 1.64 lakh shares in the past one quarter.
The stock hit a high of Rs 36 and a low of Rs 34.80 so far during the day. The stock hit a 52-week low of Rs 33.75 yesterday, 25 August 2015. The stock had hit a 52-week high of Rs 66.80 on 25 August 2014.
The stock had outperformed the market over the past one month till 25 August 2015, sliding 7.37% compared with 7.4% fall in the Sensex. The stock had, however, underperformed the market in past one quarter, declining 15.99% as against Sensex's 5.83% decline.
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The mid-cap PSU bank has an equity capital of Rs 1235.35 crore. Face value per share is Rs 10.
The preferential issue price of Rs 41.37 per share was set at a premium of 17.52% to the closing price of the stock on BSE yesterday, 25 August 2015. The stock had settled at Rs 35.20 on BSE yesterday, 25 August 2015. Indian Overseas Bank (IOB) will issue a total of 48.56 crore shares to its principle shareholder viz. the Government of India to raise Rs 2009 crore.
Indian Overseas Bank's net profit fell 94.6% to Rs 14.76 crore on 6.2% increase in total income to Rs 6672.11 crore in Q1 June 2015 over Q1 June 2014.
The Government of India holds 73.8% stake in Indian Overseas Bank (as per the shareholding pattern as on 30 June 2015).
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