IOB seeks investors' nod for QIP of Rs 1,300 crore

Ailing public sector lender Indian Overseas Bank (IOB) has finalised a turnaround strategy, with a focus on bad loan recoveries, credit monitoring, human resource management and development. The bank is also moving an enabling resolution to raise about Rs 1,300 crore from qualified institutional buyers. Qualified institutional placement (QIP) allows an Indian-listed company to raise capital from its domestic markets without the need to submit any pre-issue filings to market regulators.The bank has sought investors’ nod for the QIP. R Subramaniakumar, the bank’s managing director and chief executive officer, said in a letter to shareholders that the bank has finalised a turnaround strategy to improve operating efficiency and productivity. Astrology and Numerology Trading Tips