IOB board to meet next week to allot preferential shares to govt for Rs 4,100 crore
IOB board to meet next week to allot preferential shares to govt for Rs 4,100 crore

State-owned Indian Overseas Bank on Monday said its board will meet next week to issue preference shares to the government for Rs 4,100 crore capital infusion.

A meeting of the board of directors for the issue of equity share capital would be held on Monday, May 17, 2021, to issue and allot shares to the government on a preferential basis for the capital infusion of Rs 4,100 crore, Indian Overseas Bank said in a regulatory filing.

The bank said it has received the capital on March 31, 2021.

Shares of the bank closed flat at Rs 15.85 apiece on BSE.

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