IOB to issue over 9 crore equity shares to raise Rs 261 crore

New Delhi: Indian Overseas Bank on Saturday said it will issue over 9 crore equity shares to qualified institutional buyers (QIBs) to raise about Rs 261 crore.

The decision was taken at a meeting of the committee of directors yesterday, Indian Overseas Bank said in a regulatory filing.

"...Proposed qualified institutions placement of 9,17,48,448 equity shares of face value of Rs 10 each at an issue price of Rs 28.55 including premium...For an aggregate amount of Rs 261,94,18,190.40 to qualified institutional buyers (QIBs)", it said.

Stock of the public sector lender closed 0.68 per cent lower at Rs 29 apiece on BSE on Friday.