IOB allots shares to Centre

The board of directors of Indian Overseas Bank on Wednesday allotted 247 crore shares to the government at ₹16.63 a share by way of preferential allotment. Following the allotment, the Centre’s stake in the bank has increased to 96.38 per cent from 95.84 per cent, IOB said in a notice to the stock exchanges. Shareholders of the Bank had approved the fund raising proposal from the Centre in an extraordinary general meeting on May 12. Shares of Indian Overseas Bank closed 5.1 per cent higher at ₹17.50 on the National Stock Exchange.