Indian Overseas Bank shares in focus after shareholders nod for Rs 4,000 crore fundraise
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Shares of Indian Overseas Bank (IOB) will be in focus on Thursday after shareholders approved a proposal to raise up to Rs 4,000 crore in equity capital through various routes, including qualified institutional placements (QIPs), rights issues, and employee stock schemes.The proposal was cleared during the bank's 25th Annual General Meeting (AGM) held on July 2 via video conferencing. According to the scrutiniser's report filed with the exchanges, the special resolution was passed with an overwhelming majority.IOB stated that the fundraise will be carried out in FY26 in one or more tranches. The capital infusion may take the form of QIPs, follow-on public offers (FPOs), rights issues, preferential allotments to institutional investors such as LIC and mutual funds, or issuances under SEBI-regulated employee share benefit schemes.As part of the programme, shareholders also approved the issuance of equity shares worth up to Rs 4,000 crore to permanent employees under the IOB-ESPS 2025–26 scheme.All eight resolutions at the AGM — including the adoption of the FY25 annual report, appointment of directors, and approval of the secretarial auditor — were passed with the required majority.Shareholders also endorsed the continuation of three government-nominated directors — B. Chandra Reddy, Deepak Sharma, and Suresh Kumar Rungta — for one-year terms starting April 11, 2025. These appointments were made in consultation with the Department of Financial Services.The meeting was attended by key officials, including MD & CEO Ajay Kumar Srivastava and Jitendra Asati, Director at the Department of Financial Services.The bank plans to deploy the fresh capital to expand its retail, SME, and corporate lending businesses, as well as to enhance its digital banking capabilities.
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