The Hindu : IOB second equity offering at Rs. 24

Online edition of India's National Newspaper
Sunday, Aug 24, 2003

Business

Business - Briefly

IOB second equity offering at Rs. 24

By Our Corporate Reporter

CHENNAI AUG. 23. Indian Overseas Bank today announced that its second public offering of equity shares is set to open for subscription from September 5. Addressing presspersons here today, S. C. Gupta, Chairman and Managing Director of the bank, said the shares were being offered at a premium of Rs. 14 per share and the amount raised including premium would be Rs. 240 crores. This public offering would increase the bank's equity capital to Rs. 544 crores from Rs. 444 crores at present. After the issue, the holding of the Government would come down to 61 per cent from 75 per cent.

The bank came out with its first pubic issue in September 2000 for raising Rs. 111.20 crores from the market and the issue got good response in a subdued market. Since then the bank continued to perform well on all fronts, with the total business increasing to Rs. 55,129 crores from Rs. 47,831.85 crores in the previous year.In the first three months ended June 30, 2003 the net profit has nearly doubled to Rs. 138.78 crores from Rs. 72.96 crores.

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