IOB shareholders approve government's plan to infuse Rs 3,806 crore

R Subramaniakumar, MD & CEO, IOB, said while addressing shareholders that the capital infusion would help the bank shore up its capital adequacy requirements and enable it to build a robust loan book

Indian Overseas Bank (IOB) shareholders have approved the government's decision to infuse Rs 3,806 crore into the bank. The approval was given at the EGM held in Chennai today. 

Shareholders approved the special resolution to issue 269,54,67,422 equity shares at an issue price of Rs 14.12 per equity share, including a premium of Rs. 4.12 per equity share on a preferential basis to the government for the capital infusion of Rs 3,806 crore in February 2019.

R Subramaniakumar, MD & CEO, IOB, said while addressing shareholders that the capital infusion would help the bank shore up its capital adequacy requirements and enable