“To discuss and approve the capital raising plan for FY 2024-25 through follow-on public offer (FPO)/rights issue/ qualified institutional placement (QIP) / preferential issue or any other mode or combination thereof and /or through issue of BASEL III compliant Tier II Bonds or such other securities as may be permitted under the applicable laws subject to necessary regulatory approvals and in one or more tranches within a period of 12 months from the date of approval,” the bank stated in the regulatory filing.

Indian Overseas Bank is engaged in the business of banking & financial services.

The company’s consolidated net profit jumped 30.5% to Rs 724.13 crore in Q3 FY24 as compared with Rs 555.05 crore in Q3 FY23. Total income increased 32.8% YoY to Rs 7,442.85 crore in Q3 FY24.

The scrip rose 0.44% to end at Rs 61.99 on Tuesday, 16 April 2024.