Indian Overseas Bank's board to mull fund raising plan on 2nd May

'To consider the Capital Raising Plan of the Bank for FY 2025-26 through issue of equity shares by way of follow-on public offer (FPO)/rights issue/ qualified institutional placement (QIP) / preferential issue/ESPS 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 approvals,' it stated in exchange filing.

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

The bank's standalone net profit jumped 20.9% to Rs 873.66 crore in Q3 FY25 as compared with Rs 722.56 crore in Q3 FY24. Total income increased 13.1% YoY to Rs 1,297.53 crore in Q3 FY25.

The scrip declined 3.06% to end at Rs 37.43 on the BSE.