Indian Overseas Bank on Wednesday informed stock exchanges that it had sought its shareholders’ approval to issue equity shares of face value of Rs 10 each to the Government of India on a preferential basis, subject to applicable regulatory provisions. These would aggregate to Rs 21.57 billion, including share premium.
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The bank said in its disclosure to BSE: “We refer to the captioned subject and inform that the Committee of Directors for Issue of Equity Share Capital in its meeting held today ie. 03.10.2018 approved the following:
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