IOB to issue over 90 mn equity shares, raise Rs 261 cr

Stock of public sector lender closed 0.68% lower at Rs 29 apiece on BSE

Indian Overseas Bank said on Saturday it will issue over 9 crore equity shares to qualified institutional buyers (QIBs) to raise about Rs 261 crore.

The decision was taken at a meeting of the committee of directors yesterday, Indian Overseas Bank said in a regulatory filing.

"Proposed qualified institutions placement of 9,17,48,448 equity shares of face value of Rs 10 each at an issue price of Rs 28.55 including premium...For an aggregate amount of Rs 261,94,18,190.40 to qualified institutional buyers (QIBs)", it said.

Stock of the public sector lender closed 0.68% lower at Rs 29 apiece on BSE on Friday.