Indian Overseas Bank jumps on partnering with IREDA
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Indian Overseas Bank is currently trading at Rs. 44.20, up by 0.61 points or 1.40% from its previous closing of Rs. 43.59 on the BSE.
The scrip opened at Rs. 43.55 and has touched a high and low of Rs. 44.82 and Rs. 42.05 respectively. So far 2904273 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 51.00 on 04-Oct-2023 and a 52 week low of Rs. 20.87 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 45.72 and Rs. 42.05 respectively. The current market cap of the company is Rs. 83718.78 crore.
The promoters holding in the company stood at 96.38%, while Institutions and Non-Institutions held 1.33% and 2.30% respectively.
Indian Overseas Bank (IOB) and Indian Renewable Energy Development Agency (IREDA) have signed a Memorandum of Understanding (MoU), setting the stage for collaborative efforts in co-lending and loan syndication for a diverse spectrum of Renewable Energy projects across the nation.
Encompassing a range of services, the MoU includes provisions for co-lending and co-origination support for all Renewable Energy projects. The partnership aims to streamline loan syndication and underwriting processes, management of Trust and Retention Account (TRA) for IREDA borrowers, and work towards fixed interest rates over a 3-4 year period for IREDA borrowings.
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.
