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Government on Friday increased Indian Overseas Bank’s authorised capital by Rs 10,000 crore to Rs 25,000 crore.
The move comes after Centre held discussions with the Reserve Bank of India.
Centre has increased the authorised capital of the bank from Rs 15,000 crore to Rs Rs 25,000 crore, it said in a regulatory filing.
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Weeks ago, the public sector lender had received capital infusion of Rs 4,360 crore from the government of India.
Indian Overseas Bank is under the Prompt Corrective Action framework of the Reserve Bank of India. It had reported widening of net loss to Rs 2,253.64 crore for the quarter-ending September 30, 2019.
Shares of the bank were trading at Rs 11.35 per piece on the BSE and 11.35 on the NSE at around 12.39 pm.
(With input from agencies)
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