On Saturday, the state owned Indian Overseas Bank (IOB) said that it is planning to raise up to Rs 1,570 crore at the current market price from the public offer for the purpose of funding its growth plan.

IOB said in a BSE filing that the bank plans to “raise capital by issue of equity shares to the public not exceeding 51.79 crore shares of face value of Rs 10 each at appropriate premium”.

However, it did not specify the time and the exact quantum of the public offer.

Read EquityPandit’s BankNifty Outlook for this week