Indian Overseas Bank gains 5% on rights issue approval

State-owned Indian Overseas Bank rose over 5 percent to close at Rs 90.05 on Tuesday as board of directors have approved raising of funds through a rights issue of 20 crore equity shares.

The bank said, "We have accorded sanction for in principle approval for issue of 20 crore fully convertible preference shares of face value of Rs 10 each at par to be converted into equity shares of Rs 10 face value at premium (to be decided at the time of issue) at a future period not exceeding five years from date of issue by way of private placement."

Trading volumes increased 505 percent to 4,31,631 equity shares as compared to its five day average of 71,338 shares.

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