IOB To Raise Funds From LIC And GOI (22-Feb-2012)
Indian Overseas Bank (IOB) will be receiving capital infusion aggregating to the worth of Rs 1977.63 crore from Government of India (GOI) and Life Insurance Company (LIC), out of which the former will infuse capital to the tune of Rs 1,675 crore and the later would infuse Rs 302.63 crore respectively. The bank against this capital infusion will be issuing equity shares up to 1712,32,876 equity shares to GOI and 3,09,37,467 equity shares to LIC, at fixed price of Rs 97.82 per equity share (including premium of Rs 87.82).
However, the number of shares to be allotted to both the parties and its various schemes will vary according to the capital contribution from GOI and LIC and its various schemes respectively within the amounts mentioned. The bank's committee of directors at their meeting held on February 21, 2011 decided the same.
IOB, the country's public sector lender has reported a fall of 53.26% in its net profit of Rs 108.27 crore for the quarter ended December 31, 2011 as compared to Rs 231.66 crore for the same quarter in the previous year. Total income has increased by 45.25% from Rs 3452.86 crore for Q3FY11 to Rs 5015.33 crore in the quarter under review.
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