Finance Update

Indian Overseas Bank rallies 2% as government increases stake

Last Updated : Mar 29, 2019 12:49 PM IST | Source: Moneycontrol.com






The Chennai-based bank said that that 269 crore shares at Rs 14.12 per share were allotted to the government on preferential basis.












Shares of Indian Overseas Bank rallied more than 2 percent intraday on March 29 after the public sector bank allotted stake worth Rs 3,806 crore to the government.

The Chennai-based bank in a BSE release said that 269 crore shares at Rs 14.12 per share were allotted to the Indian government on preferential basis.

The share touched its 52-week high of Rs 18.60 and 52-week low of Rs 11.05 on 2 May 2018 and 8 October 2018, respectively.

At 12:38 hrs, Indian Overseas Bank was quoting at Rs 14.54, up 2.39 percent on the BSE.



First Published on Mar 29, 2019 12:49 pm









































Source

Prakash Poojary
Business Analyst

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