Moneycontrol
Apr 04, 2011 11:55 AM IST | Source: PTI

Govt raises stake in IOB to 65.87% from 61.23%

Chennai, Apr 2 (PTI): The government's stake in the public sector Indian Overseas Bank has increased from 61.23 per cent to 65.87 per cent consequent to capital infusion of Rs 1,054 crore into the Bank.

 
 
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The government''s stake in the public sector Indian Overseas Bank (IOB) has increased from 61.23% to 65.87% consequent to capital infusion of Rs 1,054 crore into the Bank.


At a recent meeting, IOB allotted 7,39,49,343 equity shares of Rs 10 each at an issue price of Rs 142.53 per equity share totalling Rs 1,054 crore to Government of India on preferential basis, the Bank said in a statement.
With this development, the Government''s holding in IOB has increased from 61.23% to 65.87%, it said.

On March 22, 2011,bank shareholders at their Extraordinary General Meeting, had given their approval for allotment of equity shares to Government of India, the statement added.

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