Indian Overseas Bank gets green light for ₹4,000 crore fundraise
Indian Overseas Bank (IOB) just got the green light from its shareholders to raise up to ₹4,000 crore in equity capital.
The move was approved at their 25th Annual General Meeting, held online with strong support.
IOB plans to bring in this money during FY25-26 through options like qualified institutional placements, follow-on public offers, and rights issues.
Fresh capital will boost IOB's lending capacity
The fresh capital will help IOB boost lending to retail, small businesses, and corporates—and step up its digital banking game.
Shareholders also backed using some of these funds for employee share schemes and preferential allotments to big players like LIC and mutual funds.
All eight AGM resolutions—including board appointments—got a thumbs-up from those attending, including top execs and Finance Ministry officials.