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Indian Overseas Bank Receives Penalty Order Of 82.4 Million Rupees
March 30 (Reuters) - Indian Overseas Bank IOBK.NS:
INDIAN OVERSEAS BANK - RECEIVES PENALTY ORDER OF 82.4 MILLION RUPEES
Source text: ID:nNSE6t2SSx
Further company coverage: IOBK.NS
March 30 (Reuters) - Indian Overseas Bank IOBK.NS:
INDIAN OVERSEAS BANK - RECEIVES PENALTY ORDER OF 82.4 MILLION RUPEES
Source text: ID:nNSE6t2SSx
Further company coverage: IOBK.NS
Indian Overseas Bank Gets Tax Demand Of 6.43 Billion Rupees
March 27 (Reuters) - Indian Overseas Bank IOBK.NS:
RECEIVES INCOME TAX DEMAND NOTICE FOR 6.43 BILLION RUPEES
Source text: ID:nNSE2Cq6XL
Further company coverage: IOBK.NS
March 27 (Reuters) - Indian Overseas Bank IOBK.NS:
RECEIVES INCOME TAX DEMAND NOTICE FOR 6.43 BILLION RUPEES
Source text: ID:nNSE2Cq6XL
Further company coverage: IOBK.NS
Paisalo Digital Adds Indian Overseas Bank To BC Partner Network
March 25 (Reuters) -
ADDS INDIAN OVERSEAS BANK TO BC PARTNER NETWORK
Source text: ID:nBSE2NyPs9
Further company coverage: IOBK.NS
March 25 (Reuters) -
ADDS INDIAN OVERSEAS BANK TO BC PARTNER NETWORK
Source text: ID:nBSE2NyPs9
Further company coverage: IOBK.NS
Indian Overseas Bank Says One Year MCLR Unchanged
March 12 (Reuters) - Indian Overseas Bank IOBK.NS:
ONE YEAR MCLR UNCHANGED, WEF MARCH 15
Source text: ID:nBSEbwX3SW
Further company coverage: IOBK.NS
March 12 (Reuters) - Indian Overseas Bank IOBK.NS:
ONE YEAR MCLR UNCHANGED, WEF MARCH 15
Source text: ID:nBSEbwX3SW
Further company coverage: IOBK.NS
Indian Overseas Bank Receives Tax Demand Order Worth 5.02 Billion Rupees
March 10 (Reuters) - Indian Overseas Bank IOBK.NS:
RECEIVES TAX DEMAND ORDER WORTH 5.02 BILLION RUPEES
Source text: ID:nBSE3WwvQY
Further company coverage: IOBK.NS
March 10 (Reuters) - Indian Overseas Bank IOBK.NS:
RECEIVES TAX DEMAND ORDER WORTH 5.02 BILLION RUPEES
Source text: ID:nBSE3WwvQY
Further company coverage: IOBK.NS
Indian Overseas Bank Gets 7.66 Billion Rupees Tax Demand
March 3 (Reuters) - Indian Overseas Bank IOBK.NS:
GETS 7.66 BILLION RUPEES TAX DEMAND
Source text: ID:nBSE8Hj8pp
Further company coverage: IOBK.NS
March 3 (Reuters) - Indian Overseas Bank IOBK.NS:
GETS 7.66 BILLION RUPEES TAX DEMAND
Source text: ID:nBSE8Hj8pp
Further company coverage: IOBK.NS
India New Issue-Indian Overseas Bank accepts bids for Tier II bonds, bankers say
MUMBAI, Jan 22 (Reuters) - Indian Overseas Bank IOBK.NS has accepted bids worth 10 billion rupees ($109.95 million) for Basel III-compliant Tier II bonds maturing in 10 years, two bankers said on Thursday.
The state-run lender will pay an annual coupon of 7.80% to the investors of this issue and had invited bids earlier in the day, they said.
The bond will have a call option at the end of five years.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on January 22:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Indian Overseas Bank | 10 years | 7.80 | 10 | January 22 | AAA (Care, Icra) |
*Size includes base plus greenshoe for some issues
(Reporting by Dharamraj Dhutia)
MUMBAI, Jan 22 (Reuters) - Indian Overseas Bank IOBK.NS has accepted bids worth 10 billion rupees ($109.95 million) for Basel III-compliant Tier II bonds maturing in 10 years, two bankers said on Thursday.
The state-run lender will pay an annual coupon of 7.80% to the investors of this issue and had invited bids earlier in the day, they said.
The bond will have a call option at the end of five years.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on January 22:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Indian Overseas Bank | 10 years | 7.80 | 10 | January 22 | AAA (Care, Icra) |
*Size includes base plus greenshoe for some issues
(Reporting by Dharamraj Dhutia)
India New Issue-Indian Overseas Bank to issue Tier II bonds, bankers say
MUMBAI, Jan 20 (Reuters) - Indian Overseas Bank IOBK.NS plans to raise 10 billion rupees ($109.95 million), including a greenshoe option of 5 billion rupees, through Basel III-compliant Tier II bonds maturing in 10 years, two bankers said on Tuesday.
It has invited coupon and commitment bids for the issue on Thursday, they said.
The bond will have a call option at the end of five years.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on January 20:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Indian Overseas Bank Tier II bonds | 10 years | To be decided | To be decided | Thursday | AAA (Care, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 90.9470 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)
MUMBAI, Jan 20 (Reuters) - Indian Overseas Bank IOBK.NS plans to raise 10 billion rupees ($109.95 million), including a greenshoe option of 5 billion rupees, through Basel III-compliant Tier II bonds maturing in 10 years, two bankers said on Tuesday.
It has invited coupon and commitment bids for the issue on Thursday, they said.
The bond will have a call option at the end of five years.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on January 20:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Indian Overseas Bank Tier II bonds | 10 years | To be decided | To be decided | Thursday | AAA (Care, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 90.9470 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)
Indian Overseas Bank Dec-Quarter Net Profit 13.65 Billion Rupees
Jan 14 (Reuters) - Indian Overseas Bank IOBK.NS:
INDIAN OVERSEAS BANK DEC-QUARTER NET PROFIT 13.65 BILLION RUPEES
INDIAN OVERSEAS BANK DEC-QUARTER GROSS NPA 1.54%
INDIAN OVERSEAS BANK DEC-QUARTER INTEREST EARNED 81.72 BILLION RUPEES
INDIAN OVERSEAS BANK DEC-QUARTER PROVISIONS AND CONTINGENCIES 12.36 BILLION RUPEES
INDIAN OVERSEAS BANK DEC-QUARTER PROVISIONS FOR NPA 3.08 BILLION RUPEES
Source text: [ID:]
Further company coverage: IOBK.NS
Jan 14 (Reuters) - Indian Overseas Bank IOBK.NS:
INDIAN OVERSEAS BANK DEC-QUARTER NET PROFIT 13.65 BILLION RUPEES
INDIAN OVERSEAS BANK DEC-QUARTER GROSS NPA 1.54%
INDIAN OVERSEAS BANK DEC-QUARTER INTEREST EARNED 81.72 BILLION RUPEES
INDIAN OVERSEAS BANK DEC-QUARTER PROVISIONS AND CONTINGENCIES 12.36 BILLION RUPEES
INDIAN OVERSEAS BANK DEC-QUARTER PROVISIONS FOR NPA 3.08 BILLION RUPEES
Source text: [ID:]
Further company coverage: IOBK.NS
Indian Overseas Bank Maintains One Year MCLR At 8.80%
Jan 13 (Reuters) - Indian Overseas Bank IOBK.NS:
INDIAN OVERSEAS BANK - MAINTAINS ONE YEAR MCLR AT 8.80%
Source text: ID:nBSE1sS5cv
Further company coverage: IOBK.NS
Jan 13 (Reuters) - Indian Overseas Bank IOBK.NS:
INDIAN OVERSEAS BANK - MAINTAINS ONE YEAR MCLR AT 8.80%
Source text: ID:nBSE1sS5cv
Further company coverage: IOBK.NS
Government Of India To Sell Up To 385.1 Million Shares Of Indian Overseas Bank Via Offer For Sale
Dec 16 (Reuters) -
GOVERNMENT OF INDIA TO SELL UP TO 385.1 MILLION SHARES OF INDIAN OVERSEAS BANK VIA OFFER FOR SALE - BSE NOTICE
GOVERNMENT OF INDIA TO SELL SHARES OF INDIAN OVERSEAS BANK VIA OFS AT FLOOR PRICE OF 34 RUPEES PER SHARE - BSE NOTICE
INDIA GOVERNMENT MAY ADDITIONALLY SELL 192.6 MILLION SHARES IN INDIAN OVERSEAS BANK OFS VIA OVERSUBSCRIPTION OPTION - BSE NOTICE
Further company coverage: IOBK.NS
Dec 16 (Reuters) -
GOVERNMENT OF INDIA TO SELL UP TO 385.1 MILLION SHARES OF INDIAN OVERSEAS BANK VIA OFFER FOR SALE - BSE NOTICE
GOVERNMENT OF INDIA TO SELL SHARES OF INDIAN OVERSEAS BANK VIA OFS AT FLOOR PRICE OF 34 RUPEES PER SHARE - BSE NOTICE
INDIA GOVERNMENT MAY ADDITIONALLY SELL 192.6 MILLION SHARES IN INDIAN OVERSEAS BANK OFS VIA OVERSUBSCRIPTION OPTION - BSE NOTICE
Further company coverage: IOBK.NS
Indian Overseas Bank gains on 8.35-bln-rupee tax refund
** Indian Overseas Bank IOBK.NS rises 2.7% to 39.90 rupees
** Bank to receive income tax refund of 8.35 bln rupees ($93.6 mln)
** IOBK down ~23% YTD
($1 = 89.2000 Indian rupees)
(Reporting by Vijay Malkar)
** Indian Overseas Bank IOBK.NS rises 2.7% to 39.90 rupees
** Bank to receive income tax refund of 8.35 bln rupees ($93.6 mln)
** IOBK down ~23% YTD
($1 = 89.2000 Indian rupees)
(Reporting by Vijay Malkar)
Indian Overseas Bank Says Sept Quarter Net Profit 12.26 Bln Rupees
Oct 16 (Reuters) - Indian Overseas Bank IOBK.NS:
INDIAN OVERSEAS BANK- SEPT QUARTER NET PROFIT 12.26 BILLION RUPEES
INDIAN OVERSEAS BANK- SEPT QUARTER INTEREST EARNED 78.49 BILLION RUPEES
Source text: ID:nNSE8GMfKg
Further company coverage: IOBK.NS
Oct 16 (Reuters) - Indian Overseas Bank IOBK.NS:
INDIAN OVERSEAS BANK- SEPT QUARTER NET PROFIT 12.26 BILLION RUPEES
INDIAN OVERSEAS BANK- SEPT QUARTER INTEREST EARNED 78.49 BILLION RUPEES
Source text: ID:nNSE8GMfKg
Further company coverage: IOBK.NS
Indian Overseas Bank Says One Year MCLR Reduced To 8.85%, Effective Sept 15
Sept 11 (Reuters) - Indian Overseas Bank IOBK.NS:
INDIAN OVERSEAS BANK - ONE YEAR MCLR REDUCED TO 8.85%, EFFECTIVE SEPT 15
Source text: ID:nBSE4xjc11
Further company coverage: IOBK.NS
Sept 11 (Reuters) - Indian Overseas Bank IOBK.NS:
INDIAN OVERSEAS BANK - ONE YEAR MCLR REDUCED TO 8.85%, EFFECTIVE SEPT 15
Source text: ID:nBSE4xjc11
Further company coverage: IOBK.NS
Indian Overseas Bank Says Government Extends Tenure Of Ajay Kumar Srivastava, MD And CEO
India's state-run telco MTNL defaults on loan repayments worth 87 billion rupees
Aug 18 (Reuters) - Mahanagar Telephone Nigam Ltd (MTNL) MTNL.NS has defaulted on loan repayments worth 86.59 billion rupees ($990.48 million) to a group of seven public sector banks, the state-run telecom company said on Monday.
In July, MTNL had disclosed defaults of 85.85 billion rupees to the same lenders.
The default includes 77.94 billion rupees in principal and 8.65 billion rupees in overdue interest to lenders including Union Bank of India UNBK.NS, Bank of India BOI.NS, Punjab National Bank PNBK.NS and State Bank of India SBI.NS.
The debt-laden operator, which has long struggled with falling subscriber numbers, mounting losses and shrinking relevance in India’s highly competitive telecom market, has been surviving largely on government support and debt roll-overs.
MTNL’s total debt has risen to 345.77 billion rupees ($3.96 billion) as of July 31, from 344.84 billion rupees in June-end, which also includes sovereign-guaranteed bonds and loans from the Department Of Telecommunications.
($1 = 87.4225 Indian rupees)
(Reporting by Aleef Jahan in Bengaluru; Editing by Janane Venkatraman)
Aug 18 (Reuters) - Mahanagar Telephone Nigam Ltd (MTNL) MTNL.NS has defaulted on loan repayments worth 86.59 billion rupees ($990.48 million) to a group of seven public sector banks, the state-run telecom company said on Monday.
In July, MTNL had disclosed defaults of 85.85 billion rupees to the same lenders.
The default includes 77.94 billion rupees in principal and 8.65 billion rupees in overdue interest to lenders including Union Bank of India UNBK.NS, Bank of India BOI.NS, Punjab National Bank PNBK.NS and State Bank of India SBI.NS.
The debt-laden operator, which has long struggled with falling subscriber numbers, mounting losses and shrinking relevance in India’s highly competitive telecom market, has been surviving largely on government support and debt roll-overs.
MTNL’s total debt has risen to 345.77 billion rupees ($3.96 billion) as of July 31, from 344.84 billion rupees in June-end, which also includes sovereign-guaranteed bonds and loans from the Department Of Telecommunications.
($1 = 87.4225 Indian rupees)
(Reporting by Aleef Jahan in Bengaluru; Editing by Janane Venkatraman)
Indian Overseas Bank Lowers One-Year MCLR To 8.90% Effective Aug 15
Aug 11 (Reuters) - Indian Overseas Bank IOBK.NS:
REVISES ONE-YEAR MCLR TO 8.90% EFFECTIVE AUG 15
Source text: ID:nBSE8sq0S3
Further company coverage: IOBK.NS
Aug 11 (Reuters) - Indian Overseas Bank IOBK.NS:
REVISES ONE-YEAR MCLR TO 8.90% EFFECTIVE AUG 15
Source text: ID:nBSE8sq0S3
Further company coverage: IOBK.NS
Indian Overseas Bank rises on Q1 profit rise
** Indian Overseas Bank IOBK.NS rises as much as 2.4% to 40.7 rupees
** Bank's Q1 net profit jumps ~76% y/y; gross NPA ratio at 1.97% versus 2.89% a year earlier
** IOBK down 23% YTD
(Reporting by Yagnoseni Das in Bengaluru)
** Indian Overseas Bank IOBK.NS rises as much as 2.4% to 40.7 rupees
** Bank's Q1 net profit jumps ~76% y/y; gross NPA ratio at 1.97% versus 2.89% a year earlier
** IOBK down 23% YTD
(Reporting by Yagnoseni Das in Bengaluru)
Indian Overseas Bank Revises One-Year MCLR To 9.00% From 9.10%, Effective July 15
July 14 (Reuters) - Indian Overseas Bank IOBK.NS:
INDIAN OVERSEAS BANK REVISES ONE-YEAR MCLR TO 9.00% FROM 9.10%, EFFECTIVE JULY 15
Source text: ID:nBSE2krRCP
Further company coverage: IOBK.NS
July 14 (Reuters) - Indian Overseas Bank IOBK.NS:
INDIAN OVERSEAS BANK REVISES ONE-YEAR MCLR TO 9.00% FROM 9.10%, EFFECTIVE JULY 15
Source text: ID:nBSE2krRCP
Further company coverage: IOBK.NS
Indian Overseas Bank Approves Raising Equity Capital Up To 40 Bln Rupees
May 2 (Reuters) - Indian Overseas Bank IOBK.NS:
APPROVES RAISING EQUITY CAPITAL UP TO 40 BILLION RUPEES
APPROVES RAISING TIER II CAPITAL UP TO 10 BILLION RUPEES
Source text: ID:nBSE6401Pl
Further company coverage: IOBK.NS
May 2 (Reuters) - Indian Overseas Bank IOBK.NS:
APPROVES RAISING EQUITY CAPITAL UP TO 40 BILLION RUPEES
APPROVES RAISING TIER II CAPITAL UP TO 10 BILLION RUPEES
Source text: ID:nBSE6401Pl
Further company coverage: IOBK.NS
RBI Imposes Monetary Penalty On Indian Overseas Bank
April 25 (Reuters) - Indian Overseas Bank IOBK.NS:
INDIA CENBANK: RBI IMPOSES MONETARY PENALTY ON INDIAN OVERSEAS BANK
RBI: PENALTY OF 6.4 MILLION RUPEES ON INDIAN OVERSEAS BANK DUE TO NON-COMPLIANCE WITH NORMS ON COLLATERAL FREE AGRICULTURAL, MSME LOANS
Source text: [ID:]
Further company coverage: IOBK.NS
April 25 (Reuters) - Indian Overseas Bank IOBK.NS:
INDIA CENBANK: RBI IMPOSES MONETARY PENALTY ON INDIAN OVERSEAS BANK
RBI: PENALTY OF 6.4 MILLION RUPEES ON INDIAN OVERSEAS BANK DUE TO NON-COMPLIANCE WITH NORMS ON COLLATERAL FREE AGRICULTURAL, MSME LOANS
Source text: [ID:]
Further company coverage: IOBK.NS
Indian Overseas Bank Gets Notice Of Income Tax Demand For 5.59 Bln Rupees
March 25 (Reuters) - Indian Overseas Bank IOBK.NS:
RECEIVES NOTICE OF INCOME TAX DEMAND
DEMAND OF 5.59 BILLION RUPEES
Source text: ID:nBSE81hxYf
Further company coverage: IOBK.NS
March 25 (Reuters) - Indian Overseas Bank IOBK.NS:
RECEIVES NOTICE OF INCOME TAX DEMAND
DEMAND OF 5.59 BILLION RUPEES
Source text: ID:nBSE81hxYf
Further company coverage: IOBK.NS
Indian Overseas Bank Approves Issue Of Long Term Infra Bonds Worth 100 Billion Rupees
March 19 (Reuters) - Indian Overseas Bank IOBK.NS:
BOARD APPROVES ISSUE OF LONG TERM INFRA BONDS WORTH 100 BILLION RUPEES
APPROVED ISSUE OF LONG TERM INFRA BONDS DURING FY 2024-25
Source text: ID:nBSE8v2bM5
Further company coverage: IOBK.NS
March 19 (Reuters) - Indian Overseas Bank IOBK.NS:
BOARD APPROVES ISSUE OF LONG TERM INFRA BONDS WORTH 100 BILLION RUPEES
APPROVED ISSUE OF LONG TERM INFRA BONDS DURING FY 2024-25
Source text: ID:nBSE8v2bM5
Further company coverage: IOBK.NS
Indian Overseas Bank To Consider Fund Raising By Issue Of Long Term Infrastructure Bonds
March 7 (Reuters) - Indian Overseas Bank IOBK.NS:
TO CONSIDER FUND RAISING BY ISSUE OF LONG TERM INFRASTRUCTURE BONDS
Source text: ID:nBSE2YXZH
Further company coverage: IOBK.NS
March 7 (Reuters) - Indian Overseas Bank IOBK.NS:
TO CONSIDER FUND RAISING BY ISSUE OF LONG TERM INFRASTRUCTURE BONDS
Source text: ID:nBSE2YXZH
Further company coverage: IOBK.NS
Indian Overseas Bank tumbles on tax demand
** Shares of Indian Overseas Bank IOBK.NS fall as much as 5.8% to 41 rupees, lowest since December 21, 2023
** IOBK eyes its third straight session of falls
** The lender got tax demand from Deputy Commissioner, Chennai for liability of 7 billion rupees ($80.15 million)
** More than 8.7 mln shares change hands, 1.7x its 30-day avg
** Stock down 16% so far this year
($1 = 87.3360 Indian rupees)
(Reporting by Ashna Teresa Britto in Bengaluru)
((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))
** Shares of Indian Overseas Bank IOBK.NS fall as much as 5.8% to 41 rupees, lowest since December 21, 2023
** IOBK eyes its third straight session of falls
** The lender got tax demand from Deputy Commissioner, Chennai for liability of 7 billion rupees ($80.15 million)
** More than 8.7 mln shares change hands, 1.7x its 30-day avg
** Stock down 16% so far this year
($1 = 87.3360 Indian rupees)
(Reporting by Ashna Teresa Britto in Bengaluru)
((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))
Indian Overseas Bank Receives Tax Liability Demand Of 7 Billion Rupees
Feb 28 (Reuters) - Indian Overseas Bank IOBK.NS:
INDIAN OVERSEAS BANK - RECEIVES TAX LIABILITY DEMAND OF 7 BILLION RUPEES
Source text: ID:nBSE3P10Cj
Further company coverage: IOBK.NS
Feb 28 (Reuters) - Indian Overseas Bank IOBK.NS:
INDIAN OVERSEAS BANK - RECEIVES TAX LIABILITY DEMAND OF 7 BILLION RUPEES
Source text: ID:nBSE3P10Cj
Further company coverage: IOBK.NS
India seeks advisers for minority stake sales in state-run banks, financial firms
NEW DELHI, Feb 25 (Reuters) - India has invited bids to appoint merchant bankers and legal advisers to sell the government's minority shareholding in select public sector banks and financial companies.
The government is looking to undertake minority stake sales in state-run banks and financial firms through an offer for sale, according to a document published on Monday on the Department of Investment and Public Asset Management's website, which did not name the lenders.
The federal finance ministry is looking dilute minority shareholdings in Central Bank of India CBI.NS, Indian Overseas Bank IOBK.NS, UCO Bank UCBK.NS, and Punjab and Sind Bank PUNA.NS, Reuters reported in November.
The plan to lower the government’s stake in banks and financial companies is required to comply with public shareholding norms mandated by the markets regulator.
The Securities and Exchange Board of India requires companies to maintain a 25% public shareholding, but has exempted government-owned firms from meeting these norms till August 2026.
The Indian government owns more than 93% in Central Bank of India, 96.4% in Indian Overseas Bank, 95.4% in UCO Bank and 98.3% in Punjab and Sind Bank. It also owns an 80% stake in Bank of Maharashtra BMBK.NS.
In the past, public sector banks launched qualified institutional placements (QIP) to raise capital, which, in turn, reduced the government's stake in state-run banks.
Merchant bankers and legal advisers will be appointed for three years and are required to submit their bids by March 27, the document said.
India has ditched its ambitious privatisation plans and put on hold a majority stake sale in at least nine state-owned units after opposition from relevant ministries.
Instead, it is continuing with minority stake sales in state-run companies. As of February, the government mopped up 86.25 billion rupees ($993.2 million) via stake sales in the 2024-25 financial year.
($1 = 86.8420 Indian rupees)
(Reporting by Nikunj Ohri; Editing by Sonia Cheema)
((nikunj.ohri@thomsonreuters.com; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))
NEW DELHI, Feb 25 (Reuters) - India has invited bids to appoint merchant bankers and legal advisers to sell the government's minority shareholding in select public sector banks and financial companies.
The government is looking to undertake minority stake sales in state-run banks and financial firms through an offer for sale, according to a document published on Monday on the Department of Investment and Public Asset Management's website, which did not name the lenders.
The federal finance ministry is looking dilute minority shareholdings in Central Bank of India CBI.NS, Indian Overseas Bank IOBK.NS, UCO Bank UCBK.NS, and Punjab and Sind Bank PUNA.NS, Reuters reported in November.
The plan to lower the government’s stake in banks and financial companies is required to comply with public shareholding norms mandated by the markets regulator.
The Securities and Exchange Board of India requires companies to maintain a 25% public shareholding, but has exempted government-owned firms from meeting these norms till August 2026.
The Indian government owns more than 93% in Central Bank of India, 96.4% in Indian Overseas Bank, 95.4% in UCO Bank and 98.3% in Punjab and Sind Bank. It also owns an 80% stake in Bank of Maharashtra BMBK.NS.
In the past, public sector banks launched qualified institutional placements (QIP) to raise capital, which, in turn, reduced the government's stake in state-run banks.
Merchant bankers and legal advisers will be appointed for three years and are required to submit their bids by March 27, the document said.
India has ditched its ambitious privatisation plans and put on hold a majority stake sale in at least nine state-owned units after opposition from relevant ministries.
Instead, it is continuing with minority stake sales in state-run companies. As of February, the government mopped up 86.25 billion rupees ($993.2 million) via stake sales in the 2024-25 financial year.
($1 = 86.8420 Indian rupees)
(Reporting by Nikunj Ohri; Editing by Sonia Cheema)
((nikunj.ohri@thomsonreuters.com; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))
DIARY- India economic, corporate events on Jan 20
BENGALURU, Jan 20 (Reuters) - Diary of India economic, corporate events on Jan. 20
ECONOMIC, CORPORATE .BSE500 EVENTS:
Key Speaker | Local Time | Location |
India Junior Finance Minister | 1500-1540 | Industry body PHDCCI event, New Delhi |
Start Date | Start Time | RIC | Company Name | Event Name |
20-Jan-2025 | NTS | IOBK.NS | Indian Overseas Bank | Q3 2025 Indian Overseas Bank Earnings Release |
20-Jan-2025 | NTS | CBI.NS | Central Bank of India Ltd | Q3 2025 Central Bank of India Ltd Earnings Release |
20-Jan-2025 | NTS | PAYT.NS | One 97 Communications Ltd | Q3 2025 One 97 Communications Ltd Earnings Release |
20-Jan-2025 | NTS | MCEI.NS | Multi Commodity Exchange of India Ltd | Q3 2025 Multi Commodity Exchange of India Ltd Earnings Release |
20-Jan-2025 | NTS | SUNT.NS | Sunteck Realty Ltd | Q3 2025 Sunteck Realty Ltd Earnings Release |
20-Jan-2025 | NTS | MRPL.NS | Mangalore Refinery and Petrochemicals Ltd | Q3 2025 Mangalore Refinery and Petrochemicals Ltd Earnings Release |
20-Jan-2025 | NTS | JKBK.NS | Jammu and Kashmir Bank Ltd | Q3 2025 Jammu and Kashmir Bank Ltd Earnings Release |
20-Jan-2025 | NTS | SUPI.NS | Supreme Industries Ltd | Q3 2025 Supreme Industries Ltd Earnings Release |
20-Jan-2025 | NTS | LTFL.NS | L&T Finance Ltd | Q3 2025 L&T Finance Ltd Earnings Release |
20-Jan-2025 | NTS | ZOMT.NS | Zomato Ltd | Q3 2025 Zomato Ltd Earnings Release |
20-Jan-2025 | NTS | APLA.NS | APL Apollo Tubes Ltd | Q3 2025 APL Apollo Tubes Ltd Earnings Release |
20-Jan-2025 | NTS | ICCI.NS | ICICI Securities Ltd | Q3 2025 ICICI Securities Ltd Earnings Release |
20-Jan-2025 | NTS | IDBI.NS | IDBI Bank Ltd | Q3 2025 IDBI Bank Ltd Earnings Release |
20-Jan-2025 | NTS | DIXO.NS | Dixon Technologies (India) Ltd | Q3 2025 Dixon Technologies (India) Ltd Earnings Release |
20-Jan-2025 | NTS | NEWG.NS | Newgen Software Technologies Ltd | Q3 2025 Newgen Software Technologies Ltd Earnings Release |
NTS - 'No time scheduled', AMC - 'After market close'
(Compiled by Bengaluru Newsroom)
BENGALURU, Jan 20 (Reuters) - Diary of India economic, corporate events on Jan. 20
ECONOMIC, CORPORATE .BSE500 EVENTS:
Key Speaker | Local Time | Location |
India Junior Finance Minister | 1500-1540 | Industry body PHDCCI event, New Delhi |
Start Date | Start Time | RIC | Company Name | Event Name |
20-Jan-2025 | NTS | IOBK.NS | Indian Overseas Bank | Q3 2025 Indian Overseas Bank Earnings Release |
20-Jan-2025 | NTS | CBI.NS | Central Bank of India Ltd | Q3 2025 Central Bank of India Ltd Earnings Release |
20-Jan-2025 | NTS | PAYT.NS | One 97 Communications Ltd | Q3 2025 One 97 Communications Ltd Earnings Release |
20-Jan-2025 | NTS | MCEI.NS | Multi Commodity Exchange of India Ltd | Q3 2025 Multi Commodity Exchange of India Ltd Earnings Release |
20-Jan-2025 | NTS | SUNT.NS | Sunteck Realty Ltd | Q3 2025 Sunteck Realty Ltd Earnings Release |
20-Jan-2025 | NTS | MRPL.NS | Mangalore Refinery and Petrochemicals Ltd | Q3 2025 Mangalore Refinery and Petrochemicals Ltd Earnings Release |
20-Jan-2025 | NTS | JKBK.NS | Jammu and Kashmir Bank Ltd | Q3 2025 Jammu and Kashmir Bank Ltd Earnings Release |
20-Jan-2025 | NTS | SUPI.NS | Supreme Industries Ltd | Q3 2025 Supreme Industries Ltd Earnings Release |
20-Jan-2025 | NTS | LTFL.NS | L&T Finance Ltd | Q3 2025 L&T Finance Ltd Earnings Release |
20-Jan-2025 | NTS | ZOMT.NS | Zomato Ltd | Q3 2025 Zomato Ltd Earnings Release |
20-Jan-2025 | NTS | APLA.NS | APL Apollo Tubes Ltd | Q3 2025 APL Apollo Tubes Ltd Earnings Release |
20-Jan-2025 | NTS | ICCI.NS | ICICI Securities Ltd | Q3 2025 ICICI Securities Ltd Earnings Release |
20-Jan-2025 | NTS | IDBI.NS | IDBI Bank Ltd | Q3 2025 IDBI Bank Ltd Earnings Release |
20-Jan-2025 | NTS | DIXO.NS | Dixon Technologies (India) Ltd | Q3 2025 Dixon Technologies (India) Ltd Earnings Release |
20-Jan-2025 | NTS | NEWG.NS | Newgen Software Technologies Ltd | Q3 2025 Newgen Software Technologies Ltd Earnings Release |
NTS - 'No time scheduled', AMC - 'After market close'
(Compiled by Bengaluru Newsroom)
Indian Overseas Bank Revises One-Year MCLR To 9.10% From 9.05%, Effective Jan 15
Jan 10 (Reuters) - Indian Overseas Bank IOBK.NS:
INDIAN OVERSEAS BANK REVISES ONE-YEAR MCLR TO 9.10% FROM 9.05%, EFFECTIVE JAN 15
Source text: ID:nBSEPdpgc
Further company coverage: IOBK.NS
Jan 10 (Reuters) - Indian Overseas Bank IOBK.NS:
INDIAN OVERSEAS BANK REVISES ONE-YEAR MCLR TO 9.10% FROM 9.05%, EFFECTIVE JAN 15
Source text: ID:nBSEPdpgc
Further company coverage: IOBK.NS
Indian Overseas Bank gains after tax refund order
** Shares of Indian Overseas Bank IOBK.NS rise 1.8% to 57.87 rupees
** The bank receives a tax refund order for 13.59 bln rupees ($160.14 mln)
** Trading volumes at 13.1 mln, 1.5x the 30-day average
** Stock set to snap four-session losing streak
** IOBK up ~33% YTD
($1 = 84.8620 Indian rupees)
(Reporting by Vijay Malkar)
** Shares of Indian Overseas Bank IOBK.NS rise 1.8% to 57.87 rupees
** The bank receives a tax refund order for 13.59 bln rupees ($160.14 mln)
** Trading volumes at 13.1 mln, 1.5x the 30-day average
** Stock set to snap four-session losing streak
** IOBK up ~33% YTD
($1 = 84.8620 Indian rupees)
(Reporting by Vijay Malkar)
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What does Indian Overseas Bank do?
Indian Overseas Bank (IOB) offers a comprehensive suite of financial products and services across retail, agriculture, MSME, and corporate banking. The Bank operates on a universal banking model, catering to credit and deposit needs through a broad portfolio that includes housing loans, jewel loans, business finance, agri-credit, and a growing bouquet of ESG-linked products. The Bank’s diversified income mix reflects the strength of its core operations and the agility of its product design. The Bank’s green finance portfolio- including solar energy, EV loans, and sustainable infrastructure -is growing rapidly.
Who are the competitors of Indian Overseas Bank?
Indian Overseas Bank major competitors are Bank Of India, IDBI Bank, Bank of Maharashtra, CentralBank of India, UCO Bank, Punjab & Sind Bank, Canara Bank. Market Cap of Indian Overseas Bank is ₹63,104 Crs. While the median market cap of its peers are ₹49,203 Crs.
Is Indian Overseas Bank financially stable compared to its competitors?
Indian Overseas Bank seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does Indian Overseas Bank pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Indian Overseas Bank latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%
How has Indian Overseas Bank allocated its funds?
Company has been allocating majority of new resources to productive uses like advances.
How strong is Indian Overseas Bank balance sheet?
Latest balance sheet of Indian Overseas Bank is weak, and historically as well.
Is the profitablity of Indian Overseas Bank improving?
Yes, profit is increasing. The profit of Indian Overseas Bank is ₹4,797 Crs for TTM, ₹3,396 Crs for Mar 2025 and ₹2,666 Crs for Mar 2024.
Is Indian Overseas Bank stock expensive?
Indian Overseas Bank is not expensive. Latest PE of Indian Overseas Bank is 12.73 while 3 year average PE is 38.76. Also latest Price to Book of Indian Overseas Bank is 1.77 while 3yr average is 2.54.
Has the share price of Indian Overseas Bank grown faster than its competition?
Indian Overseas Bank has given better returns compared to its competitors. Indian Overseas Bank has grown at ~2.39% over the last 10yrs while peers have grown at a median rate of 0.98%
Is the promoter bullish about Indian Overseas Bank?
Promoters seem not to be bullish about the company and have been selling shares in the open market. Latest quarter promoter holding in Indian Overseas Bank is 92.44% and last quarter promoter holding is 94.61%
Are mutual funds buying/selling Indian Overseas Bank?
The mutual fund holding of Indian Overseas Bank is increasing. The current mutual fund holding in Indian Overseas Bank is 0.18% while previous quarter holding is 0.12%.