IOB

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

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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)

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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

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** 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)

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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

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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

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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

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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

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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

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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

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** 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)

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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

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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)

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** Shares of Indian Overseas Bank IOBK.NS rise as much as 5.9% to 53.7 rupees; last up 4.6%

** Bank's Q3 net profit rose 20.9% y/y to 8.74 bln rupees ($101 mln), while gross NPA ratio at 2.55% vs 2.72% in Q2

** Over 15.6 mln shares traded, 2x its 30-day moving avg

** Stock on track to snap five straight months of losses

** IOBK rose 19.5% in 2024, gaining for fourth straight year

($1 = 86.5160 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru)

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Jan 10 (Reuters) - Indian Overseas Bank IOBK.NS:

• INDIAN OVERSEAS BANK - PUBLISHED INVITATION FOR EXPRESSION OF INTEREST FROM ARCS

• INDIAN OVERSEAS BANK - EXPRESSION OF INTEREST FOR 46 NPA ACCOUNTS OF 114.34 BILLION RUPEES

Further company coverage: IOBK.NS

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Dec 11 (Reuters) - Indian Overseas Bank IOBK.NS:

• RECEIVES 8.08 BILLION RUPEES REFUND ORDER FROM INCOME TAX DEPARTMENT

Source text: ID:nNSE9T4SjF

Further company coverage: IOBK.NS

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Nov 26 (Reuters) - Indian Overseas Bank IOBK.NS:

• INDIAN OVERSEAS BANK - ORDER OF REFUND OF 12.38 BILLION RUPEES RECEIVED FROM TAX DEPARTMENT

Source text: ID:nBSEMYR3p

Further company coverage: IOBK.NS

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By Nikunj Ohri

NEW DELHI, Nov 19 (Reuters) - The Indian government is considering selling minority stakes in four state-run banks to comply with public shareholding norms mandated by the country's markets regulator, a government source told Reuters.

The finance ministry is likely to seek approval of the federal cabinet in the coming months to dilute the stake in Central Bank of India CBI.NS, Indian Overseas Bank IOBK.NS, UCO Bank UCBK.NS, and Punjab and Sind Bank PUNA.NS, the source said.

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 as of end-September, according to data on the BSE's website.

The plan under consideration is to sell the stake through an offer for sale in the open market, the source said.

The Securities and Exchange Board of India (SEBI) requires listed companies to maintain a 25% public shareholding, but has exempted government-owned firms from meeting these norms till August 2026.

The source did not comment on whether the government will be able to meet the regulator's deadline or whether it would seek a further extension.

The official said the timing and the quantum of the sale would be decided based on market conditions. The official did not want to be named as he is not authorised to speak to the media.

India's finance ministry did not immediately respond to a request for comment.

In the past, public sector banks have launched qualified institutional placements (QIP) to raise capital which has in turn lowered the government's stake in state-run banks.

Punjab National Bank raised 50 billion rupees through a QIP in September, while Bank of Maharashtra raised 35 billion rupees in October.

(Reporting by Nikunj Ohri; Editing by Varun H K)

(([email protected]; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))

Nov 13 (Reuters) - Indian Overseas Bank IOBK.NS:

• REVISES ONE-YEAR MCLR TO 9.05% FROM 9.00%, EFFECTIVE NOV 15

Source text: ID:nBSE4CG8jM

Further company coverage: IOBK.NS

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Oct 28 (Reuters) - Indian Overseas Bank IOBK.NS:

• GOT ORDER OF REFUND OF 5.5 BILLION RUPEES FROM INCOME TAX DEPARTMENT

Source text: ID:nBSE3VbWKK

Further company coverage: IOBK.NS

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** Shares of Indian Overseas Bank IOBK.NS rise as much as 3.4% to 56.49 rupees

** Bank reported 24.4% y/y rise in Q2 net profit; interest earned rose 17.7% y/y

** More than 12.5 mln shares traded as of 3:24 p.m. IST, busiest day yet in almost 3 weeks

** IOBK last up 2.5%, adding to YTD gains of 29.3% so far

** Stock up 3.1% so far this week; set to snap 4-week losing run

(Reporting by Meenakshi Maidas in Bengaluru)

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Oct 14 (Reuters) - Indian Overseas Bank IOBK.NS:

• INDIAN OVERSEAS BANK - MAINTAINS ONE YEAR MCLR AT 9%

Further company coverage: IOBK.NS

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BENGALURU, Oct 10 (Reuters) - India's central bank has approved the appointment of veteran banker Partha Pratim Sengupta as chief executive officer and managing director of Bandhan Bank BANH.NS, the private lender said in a filing on Thursday.

Sengupta, who has been part of the banking industry for nearly four decades, previously held leadership positions at the State Bank of India SBI.NS, the country's largest lender.

He was also managing director and chief executive officer of state-owned Indian Overseas Bank IOBK.NS between 2020 and 2022. At Bandhan Bank, he will replace Chandra Shekhar Ghosh, who retired this July after nearly a decade at the helm.

Bandhan Bank stated in a separate filing that the National Credit Guarantee Trustee Company had completed an audit of loan claims filed by the lender under a guarantee scheme and said the remaining claims payout to the bank stood at 3.15 billion rupees.

The audit by the government agency was related to a set of loans the bank had given out as part of a government-backed scheme during the COVID-19 pandemic. The scheme was meant to ensure payments to lenders in the case of defaults on micro loans by small borrowers.

The Reserve Bank of India had appointed a director to the board of Bandhan Bank in June, while the audit was underway, without disclosing the reason for the move.

(Reporting by Nishit Navin in Bengaluru; Editing by Pooja Desai)

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Sept 19 (Reuters) - Indian Overseas Bank IOBK.NS:

• ORDER OF REFUND OF 1.24 BILLION RUPEES RECEIVED FROM INCOME TAX DEPARTMENT

Source text for Eikon: ID:nBSE80LP19

Further company coverage: IOBK.NS

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Indian Overseas Bank IOBK.NS:

• INDIAN OVERSEAS BANK- ONE-YEAR MCLR REVISED TO 9% FROM 8.95%, EFFECTIVE AUG 15

Source text for Eikon: ID:nBSE119GzJ

Further company coverage: IOBK.NS

July 22 (Reuters) - Indian Overseas Bank IOBK.NS:

• Q1 NIM AT 3.06%

Source text for Eikon: ID:nBSEpJRPW

Further company coverage: IOBK.NS

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July 11 (Reuters) - Indian Overseas Bank IOBK.NS:

• REVISES ONE YEAR MCLR TO 8.95% FROM 8.9%, EFFECTIVE JULY 15

Further company coverage: IOBK.NS

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May 14 (Reuters) - Indian Overseas Bank IOBK.NS:

• REVISES ONE YEAR MCLR TO 8.90% FROM 8.85%, EFFECTIVE MAY 15

Source text for Eikon: ID:nBSE9r1B5q

Further company coverage: IOBK.NS

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Indian Overseas Bank IOBK.NS:

• INDIAN OVERSEAS BANK - NET INTEREST MARGIN STOOD AT 3.28% AS ON MARCH 31 2024

Source text for Eikon: ID:nBSE4m2cFv

Further company coverage: IOBK.NS