Using share premium money to offset losses will benefit stakeholders: IOB chief
Says stakeholders will get a fairer picture of the bank08-01-2018
08-01-2018
Reduction Of Share Premium Account To Set Off Accumulated Losses -Extraordinary General Meeting (EGM) Of Shareholders
We refer to the Notice for Extraordinary General Meeting uploaded on the websites of NSE and BSE on 08.01.2018. This is to inform you that the Cut-off Date for e-voting which is 23rd January 2018 was correctly mentioned in page 5 of the Notice but has been erroneously mentioned as 25th January 2018 on page 6 of the Notice. We request that the e-voting Cut-off Date may be read as 23rd January 2018....08-01-2018
Notice For Extraordinary General Meeting To Be Held On 30Th January 2018
Notice for Extraordinary General Meeting to be held on Tuesday, 30th January 2018 at 10.30 a.m. at Sathguru Gnanananda Hall, Narada Gana Sabha, 314 TTK Road, Alwarpet, Chennai-600018.08-01-2018
To write off losses of 6,979 crore, IOB touse balance available in share premium a/c
Indian Overseas Bank (IOB) has hit upon a novel idea to strengthen its balance sheet and clear its accumulated losses. Its board approved a plan to utilise the 7,650-crore balance available in...05-01-2018
Notice To Shareholders For The EGM To Be Held On Tuesday, January 30, 2018 At Chennai
Notice to Shareholders for the EGM to be held on Tuesday, January 30, 2018 at Chennai05-01-2018
Meeting Updates
We wish to inform that our Board of Directors have today considered and approved the following by circulation: 1. To utilize the balance available in the Share Premium account amounting to Rs. 7650.06 crore as at 31.03.2017 to write off the accumulated losses of the Bank aggregating to Rs. 6978.94 crore as at 31.03.2017 to present a true and fair view of the financial position of the Bank and to take the same into account during current Financial Year 2017-18....04-01-2018
Updates
Information regarding timely payment of interest to the bond holders for Unsecured Redeemable Non-Convertible subordinated Bonds, Lower Tier II Bonds, Series XIV - ISIN: INE565A09215 In terms of Regulations 57(1) of Chapter V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is hereby certified that Interest payment...02-01-2018
Updates
IOB Policy on Determination of Materiality of Events or Information Pursuant to Regulation 30(5) of SEBI (LODR), our Board of Directors of the Bank has authorised the following Key Managerial Personnel for the purpose of determining the materiality of an event or information and for the purpose of making disclosures to the stock exchanges....30-12-2017
IOB sells Bhushan Steel account to SSG Capital at 40% write-off
State-owned Indian Overseas Bank (IOB) has sold its Bhushan Steel account with less than 40 per cent write-off (haircut is the formal term); SSG Capital has acquired the debt. Sources in IOB say the process should be complete by this weekend. SSG Capital was the largest bidder, with Rs 376 crore. Other bidders, mainly asset reconstruction companies (ARCs), included Edelweiss, JM Financial and Pegasus.Without disclosing the number, an IOB source said over 60 per cent was recovered and this would help to strengthen the balance sheet. The Bank's exposure to Bhushan was Rs 650-700 crore.In the recent past, the Bank has been in the process of reducing its high levels of non-performing assets (NPAs). In September, it sold bad debt exposure of Rs 1,600 crore in Essar Steel to Edelweiss ARC at a 50 per cent discount to the book value.The bank's gross NPAs at end-September were Rs 34,709 crore, about 22.7 per cent of the total, as against Rs 35,453 crore or 23.6 per cent at end-June. Recovery .30-12-2017
Change in Directorate
We refer our Letter No. IRC/231/2017-18 dated 08.12.2017 informing you of the assumption of office by the following two Shareholder Directors of the Bank on 08.12.2017: 1. Shri Sanjay Rungta and 2. Shri Navin Prakash Sinha In this connection, we enclose Form 1 of the above two Shareholder Directors for your information and records.28-12-2017