Indian Bank shareholders on Monday approved the write-off of net accumulated losses of about ₹19,000 crore arising from the lender’s merger with Allahabad Bank. MD and CEO Padmaja Chunduru said the bank would use the ₹19,833 crore in the Share Premium Account to set off the losses.
As of April 1, 2020, the merged entity had accumulated losses of ₹18,975.53 crore while it had ₹19,833 crore standing to the credit of Share Premium Account.
Therefore, the bank proposes to utilise the amount standing in the Share Premium account for the purpose of setting off the accumulated losses, said Indian Bank MD & CEO Padmaja Chanduru to the shareholders at the EGM. The resolution was passed by the majority of shareholders.
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