New Delhi, June 19: Indian Overseas Bank plans to return government equity worth Rs 75 crore and raise Rs 100 crore from the capital market, for which it will seek shareholders' approval on July 18. The bank has decided to return to government 7.5 crore equity shares of face value Rs 10 each, subject to necessary approval of the Finance Ministry, IOB officials said here on Wednesday.
The Ministry is in the process of deciding whether to attach a premium on the equity returned by PSU banks.

The Chennai-based bank may return the equity in one or more tranches as agreed by the government.
IOB officials said the bank plans to raise Rs 100 crore through a public offer to raise capital base to Rs 545 crore. The bank has kept options open for preferential issue also. Bureau Report