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IOB's
public issue to be priced at a premium on the shares
Our Banking
Bureau
23 July 2003
 Chennai:
Indian Overseas Bank, which is coming up with a public
offer for 10 crore equity share of Rs 10 each, is likely
to charge a premium on the shares.
The
pricing is likely to be in the band of Rs 20-24 per share.
The bank will, therefore, raise between Rs 200-240 crore,
according to the draft prospectus filed by the bank with
the Securities and Exchange Board of India.
The
bank will be determining the final price per share before
filing the offer document with the stock exchanges, according
to the bank's press release issued here.
 The
bank will use the issue proceeds primarily to augment
long-term resources, in line with the estimated growth
in assets and also to maintain a comfortable capital adequacy
ratio.
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