Indian Overseas Bank has informed the Exchange about General Updates- Intimation of Annual General Meeting of the Bank scheduled for 07.07.2026
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Indian Overseas Bank's board approved a capital raising plan of up to Rs. 5,000 Crores through equity instruments like FPO, Rights Issue, QIP, or Preferential Allotment. The bank also plans to offer 10 crore new equity shares under Employee Share Purchase Scheme (IOB-ESPS 2026-27) within the Rs. 5,000 Crores limit. Additionally, BASEL III compliant Tier II Bonds up to Rs. 1,000 Crores will be issued. The board also approved using the Share Premium Account to write off accumulated losses as of March 31, 2026. The 26th AGM is scheduled for July 7, 2026 via video conferencing.
The capital raise will strengthen the bank's capital adequacy but will cause significant equity dilution for existing shareholders. The write-off of accumulated losses from share premium will improve the balance sheet's book value per share.