Presidential Elections: Support Dr.Meira Kumar
Bihar and Jharkhand governments have no choice but to support Dr.Meira Kumar. As defeat of "Bihar ki Beti" will invariably bring Shame to the Biharis and Jharkhandis (or erstwhile unified Bihar). Do you think that, people of Bihar will leave Nitish Kumar Scott - free, if Dr.Meira Kumar loses ? So, Nitish Kumar has very little option left but to support, Dr.Meira Kumar.
Moreover, if Nitish Kumar wants to fall in the BJP's well calculated electoral TRAP no one can save him in the next election.
Also, I am surprised to see Mr.Navin Pattanayak, so easily chewing the RSS bait. Orissa is a state, where there is large chunk of Tribal Christian voters loyal to the BJD (Biju Janata Dal). I am still to fathom, BJD's sudden electoral gamble of siding with the RSS and the BJP; when Mr.Pattanayak has been maintaining distance from them since some time.
Besides, the election of Dr.Meira Kumar, who is educated, experienced and very sober, might also correct some of the historical mistakes of not making her father, the Prime Minister of India.
Also, I don't think all the Muslim and Christian MPs and MLAs from the TDP and TRS will ever support a RSS backed Candidate, who acted against Dalit Christian and Muslin reservations. Therefore, invariably cross voting will take place, which might give the underdog, Ms.Kumar, a win. Support Dr.Meira Kumar, give a conscience vote and make her the 2nd Female President of India.
All the best to Dr.Meira Kumar.....👍✌
Wednesday, October 23, 2013
Have all approvals for QIP; need to raise Rs 900cr: IOB
Speaking to CNBC-TV18, M Narendra, chairman, Indian Overseas Bank says that bank requires Rs 2100 crore capital and with the government giving it Rs.1200 crore, it will need to raise less than Rs 900 crore from QIPs.
Calling the Indian government’s plan to infuse capital in PSU banks an encouraging move, M Narendra, chairman, Indian Overseas Bank says the bank will need less than Rs 900 crore through qualified institutional placement (QIP).
Speaking to CNBC-TV18, Narendra says that bank requires Rs.2100 crore capital and with the government giving it Rs 1200 crore, it will need to raise less than Rs 900 crore from QIPs
Additionally, Narendra says that the bank has already received all the approvals for the same. “We had already got these approvals in the board. Now we will only have to discuss government placement and preferential allotment in the Extraordinary General Meeting (EGM). Other than that, approvals for overall capital raising are already there with us. Through our last AGM we have taken all the necessary approvals. So, that will not be difficult. Parallelly, according to the right time we may look at the other options too,” he adds.
Below is the edited transcript to CNBC-TV18.
Q: Have you heard anything decisive from the government and what would Indian Overseas Bank's ( IOB ) requirement be in terms of capital infusion?
A: Yesterday there were discussions. The equity infusion is a very encouraging sign. The coming funds will help the bank also in terms of the future credit growth. Our requirement at the rate of around 14 percent credit growth maybe around Rs 2,100 crore taking into account a certain level of profit plough back. So, to that extent, we may look at other alternative options by private placement or Qualified Institutional Placement (QIP) and we will decide timing of that appropriately.
Q: So if you all have to do a QIP it would be for the balance of Rs 2,100 crore minus whatever the government gives you. So if it is Rs 1,200 crore, it will be Rs 900 crore.
A: Yes, depending upon our requirement, it maybe slightly lower. Rs 2,100 crore was estimated earlier. Now Rs 1,200 crore is coming. So, we may look at what extent we should go for private placement or QIP.
Q: How soon will you all take a decision on whether you will do this private placement? When is the next board meeting etc.?
A: We had already got these approvals in the board. Now we will only have to discuss government placement and preferential allotment in the Extraordinary General Meeting (EGM). Other than that, approvals for overall capital raising are already there with us. Through our last AGM we have taken all the necessary approvals. So, that will not be difficult. Parallelly, according to the right time we may look at the other options too.
On October 23, 2013, Indian Overseas Bank closed at Rs 49.85, down Rs 0.5, or 0.99 percent. The 52-week high of the share was Rs 94.85 and the 52-week low was Rs 37.15.
The company's trailing 12-month (TTM) EPS was at Rs 4.97 per share as per the quarter ended June 2013. The stock's price-to-earnings (P/E) ratio was 10.03. The latest book value of the company is Rs 145.63 per share. At current value, the price-to-book value of the company was 0.34.