New Delhi, Jun 15 (PTI) Indian Overseas Bank (IOB) on Wednesday said its board has approved raising of up to Rs 1,000 crore equity capital through issuance of shares via various modes.

The board approved the capital plan of the bank for 2022-23, IOB said in a regulatory filing.

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It approved issuance of equity shares to a maximum of Rs 1,000 crore with appropriate premium to the public, by way of follow on public offer/rights issue with or without participation from government or issue of equity shares to Qualified Institutional Buyers (QIBs), the bank said.

Besides, it may issue shares to employees under Sebi regulations based on employee benefits and sweat equity, or issue shares on preferential basis to LIC and other insurance companies/mutual funds or QIBs.

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The Chennai-based state-owned lender said it will seek shareholders' approval for raising the equity capital.

The board also approved raising tier II capital by issue of Basel III-compliant tier II bonds up to Rs 1,000 crore with or without applicable green shoe option on private placement basis. It may also include bonds issuance to retail segment through public issue domestically or overseas.

IOB stock closed at Rs 16.70 on BSE, up by 0.60 per cent from previous close.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)