The board of directors of Indian Overseas Bank on Tuesday approved the issue of equity shares on preferential basis to Government of India towards the capital infusion of ₹3,806 crore it had received for the financial year 2018-19. In a regulatory filing, the bank said the board approved issue of 269.54 crore equity shares at a issue price of ₹14.12 (including premium of ₹4.12 an equity share). Last week, the Centre had approved capital infusion of ₹48,239 crore in 12 public sector banks in the current financial year to ensure the lenders to be able to maintain regulatory capital requirements.
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