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Indian Overseas Bank surges on planning to raise Rs 850 crore in FY20

Indian Overseas Bank is currently trading at Rs. 14.03, up by 0.32 points or 2.33% from its previous closing of Rs. 13.71 on the BSE.

The scrip opened at Rs. 14.00 and has touched a high and low of Rs. 14.06 and Rs. 13.85 respectively. So far 11765 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 18.60 on 10-May-2018 and a 52 week low of Rs. 11.05 on 08-Oct-2018.

Last one week high and low of the scrip stood at Rs. 14.40 and Rs. 13.59 respectively. The current market cap of the company is Rs. 12533.20 crore.

The promoters holding in the company stood at 92.52%, while Institutions and Non-Institutions held 3.45% and 4.04% respectively.

Indian Overseas Bank is planning to raise about Rs 850 crore during the current financial year (FY20) through sale of non-core assets, to augment capital. The bank is currently exploring its options for stake sale in joint ventures to augment resources which could help raise over Rs 445 crore.

As part of the strategy to unlock assets to raise capital, the bank has identified 32 properties for sale including prime properties in Singapore and Hongkong aggregating to Rs 900 crore.

Indian Overseas Bank is a pioneer in many fields – Banking, Insurance and Industry with the twin objectives of specialising in foreign exchange business and overseas banking.

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