IOB to Use Share Premium Money to Write Off Losses
Public sector Indian Overseas Bank (IOB) said it’s going to adjust its losses by using the share premium account.
The lender said that it plans to use Rs. 7,650 crores from its share premium account to offset the losses that are close to Rs. 7,000 crores.
Although the bank’s board has already approved the decision, a vote is awaited in an extraordinary general meeting (EGM) that’s scheduled at the end of the month.