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RBI increases IOB’s authorised capital
Economy

RBI increases IOB’s authorised capital

Agency News

Chennai, July 30 : The Central Government, after consultation with Reserve Bank of India (RBI), has increased the authorised capital of Indian Overseas Bank (IOB) by Rs 5,000 crore from Rs 10,000 crore to Rs 15,000 crore through Gazette Notification.The increase in authorised capital will enable the bank to take steps to shore up its capital adequacy by way of issue of share capital, including in case of further capital infusion by the Government, an official release said.

The bank’s Board of Directors have approved issue of equity capital during 2019-20 to a maximum extent of 300 crore equity shares with appropriate premium by way of public issue, rights issue, shares to employees, preferential issue and by way of
QIP.

The shareholders of the bank have also accorded their approval for the same at the recently held Annual General Meeting held on July 10.(UNI)