At meeting held on 15 June 2022
The Board of Indian Overseas Bank at its meeting held on 15 June 2022 has approved the capital plan for FY 2022-23 as under:a) Considered and approved issue of equity shares to a maximum extent of Rs.1000 crore with appropriate premium to the public, by way of Follow on Public Offer / Rights Issue with or without participation from GOI / issue of equity shares to Qualified Institutional Buyers / issue of Shares to Employees under SEBI(Share Based Employee Benefits and Sweat Equity) Regulations, 2021 / issue of shares on preferential basis to LIC and other insurance companies / mutual funds / QIBs, after obtaining the approval of the shareholders.
b) to raise Tier II capital by issue of BASEL III Compliant Tier II Bonds upto a maximum extent of Rs.1000 crore with or without applicable green shoe option, in one or more tranche/s. on private placement/ to retail segment by way of public issue either domestically or overseas.
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