New Delhi, Aug 22: Indian Overseas Bank will hit the capital market on September five with its Rs 240 crore public offer priced at Rs 24 per share, its chairman S C Gupta said on Friday. Government holding in the Chennai-based bank will come down to 61 per cent after its second IPO, from the present level of 75 per cent, while the bank's capital base will go up to Rs 544 crore from the present Rs 444 crore, Gupta told PTI.

The IOB board, which met here last night, finalised the price of the issue at Rs 10 face value with a premium of Rs 14 per share based on the market trend. IOB scrip is now hovering at around Rs 27 on BSE.
"We will be hitting the market on September five. The bank will start its roadshow for the IPO from Monday in Mumbai," Gupta said.
He exuded confidence that the IPO will be over-subscribed by 5-6 times as the price has been deliberately pegged low to allow investors to gain from the investment. Bureau Report