Indian Overseas Bank trades higher on sanctioning loan of Rs 1,000 crore to JKIDFC
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Indian Overseas Bank is currently trading at Rs. 17.70, up by 0.35 points or 2.02% from its previous closing of Rs. 17.35 on the BSE.
The scrip opened at Rs. 17.50 and has touched a high and low of Rs. 17.75 and Rs. 17.40 respectively. So far 237507 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 29.00 on 30-Jun-2021 and a 52 week low of Rs. 14.45 on 19-Mar-2021.
Last one week high and low of the scrip stood at Rs. 18.20 and Rs. 17.10 respectively. The current market cap of the company is Rs. 33268.25 crore.
The promoters holding in the company stood at 96.38%, while Institutions and Non-Institutions held 1.38% and 2.24% respectively.
As part of the Bank's Business plan to widen Credit Growth and funding towards Infrastructure Development across the nation, Indian Overseas Bank has sanctioned a loan of Rs. 1,000 crore (of which amount disbursed is Rs. 500 crore) to Jammu and Kashmir Infrastructure Development Finance Corporation (JKIDFC) guaranteed by Union Territory of J&K, towards part funding for completion of the languishing infrastructure projects in J&K and other new infrastructure projects which are a priority for the state.
Indian Overseas Bank is one of the First Public Sector Banks to lend to Jammu and Kashmir Infrastructure Development Finance Corporation, which is incorporated to complete various projects belonging to various departments like Agriculture Production, Animal Husbandry, Housing & Urban Development, Industries & Commerce Department, Jal Shakti Department, Public Works Department, School Education Department etc.
Indian Overseas Bank is a pioneer in many fields - Banking, Insurance and Industry with the twin objectives of specialising in foreign exchange business and overseas banking.
