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IOB can raise capital

Indian Overseas Bank will raise capital through issue of shares at an appropriate premium. The bank has received the approval from the government and its board has cleared the proposal to issue equity shares not exceeding 51.79 crore shares of Rs 10 each. The bank has posted a net loss at Rs 550.83 crore for the quarter ended 30 September but, its total income has increased by 5.11% at Rs 6769.94 crore for the quarter. The bank’s gross NPA for the July-September quarter of the current fiscal rose to 11%, as compared to 9.35% in the same quarter of the previous year.

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