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The equity capital raising plan of the Indian Overseas Bank to the tune of Rs 4,000 crore will bring down the government of India’s shareholding in the bank to 90 percent, Ajay Srivastava, Managing Director & CEO said on May 2 during the post-earnings conference call.

As on March 31, government holds 94.61 percent stake in the Indian Overseas Bank.

He added that the equity capital plan will be subject to approval of shareholders through Annual General Meeting (AGM)/Extraordinary General Meeting (EGM) and other statutory/regulatory approvals.

The lender has said that the equity capital raising will be done in one or more tranches during FY 2025-26.

In March, the bank has announced the closure of its Qualified Institutional Placement (QIP) and raised Rs 1,436 crore by selling 35.41 crore equity shares to eligible institutional buyers.

The Securities and Exchange Board of India (Sebi) requires all listed companies to maintain a minimum public shareholding of 25 percent.

The deadline for all public sector undertakings to adhere to the norm was August 1, 2024 but the government extended it to August 1, 2026.

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