Indian Overseas Bank has informed the Exchange regarding Outcome of Board Meeting held on May 21, 2026.
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Indian Overseas Bank's board has approved a capital raising plan of up to Rs. 5,000 Crores via equity routes including FPO, Rights issue, QIP, or Preferential issue. The bank also approved an Employee Share Purchase Scheme (IOB-ESPS 2026-27) offering 10 crore new shares to employees, and Basel III compliant Tier II Bonds up to Rs. 1,000 Crores. The board also approved writing off accumulated losses as of March 31, 2026 from the Share Premium Account. The 26th AGM is scheduled for July 7, 2026 to consider these agendas.
The capital raise will strengthen the bank's balance sheet and support growth, while the accumulated losses write-off will improve financial metrics. Shareholders should expect share dilution from the equity raise and ESPS, though these steps aim to restore financial health.