IOB proposal to raise Rs 1,200 cr through QIP gets nod

The shareholders approved the proposal during the 14th Annual General Meeting of the bank, a bank statement said.

Shareholders of the public sector  Indian Overseas Bank   today approved its proposal to raise Rs 1,200 crore through qualified institutional placements (QIP).

The shareholders approved the proposal during the 14th Annual General Meeting of the bank held here, a bank statement said.

Also read: IOB seeks Rs 3,500 crore capital support from govt

"...the shareholders approved the proposal for raising of capital by way of QIP up to Rs 1,200 crore, including share premium, subject to regulatory approvals," it said. In his address, bank Chairman and Managing Director M Narendra said: "there will be increased attention on reduction of NPAs through intensive recovery measures throughout the year and ensuring maintenance of asset quality".

IOB stock price

On June 27, 2014, Indian Overseas Bank closed at Rs 76.40, down Rs 1.8, or 2.3 percent. The 52-week high of the share was Rs 89.90 and the 52-week low was Rs 37.15.

The company's trailing 12-month (TTM) EPS was at Rs 4.87 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 15.69. The latest book value of the company is Rs 130.90 per share. At current value, the price-to-book value of the company is 0.58.

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