IOB''s public issue to be priced at a premium on the shares
By Our Banking Bureau | 23 Jul 2003
Chennai:
Indian Overseas Bank, which is coming up with a public
offer for 10 crore equity share of Rs 10 each, is likely
to charge a premium on the shares.
The pricing is likely to be in the band of Rs 20-24 per share. The bank will, therefore, raise between Rs 200-240 crore, according to the draft prospectus filed by the bank with the Securities and Exchange Board of India.
The bank will be determining the final price per share before filing the offer document with the stock exchanges, according to the bank''s press release issued here.
The bank will use the issue proceeds primarily to augment long-term resources, in line with the estimated growth in assets and also to maintain a comfortable capital adequacy ratio.
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