Financial Daily from THE HINDU group of publications
Wednesday, Jul 23, 2003
Financial Daily from THE HINDU group of publications Wednesday, Jul 23, 2003 |
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Money & Banking
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Public Sector Banks Markets - IPOs IOB issue to have a premium of Rs 10-14 Our Bureau
Chennai , July 22 INDIAN Overseas Bank's public issue of `10 crore equity shares of Rs 10 each' is likely to hit the market at a premium of Rs 10-14— in other words, in a price band of Rs 20-24 per share. The bank will therefore get anywhere between Rs 200 crore to Rs 240 crore from the issue, according to the draft prospectus filed with SEBI. The bank will be determining the final price per share before filing the offer document with the stock exchanges, says a press release from the bank. The bank will use the additional equity capital proceeds primarily to augment long-term resources, in line with the estimated growth in assets and also to maintain a "comfortable" capital adequacy ratio. The bank's CAR was 11.30 as at March 31, 2003. The issue is likely to take the bank's equity capital to Rs 544.80 crore.
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