Indian Overseas Bank on Thursday said it will utilise the funds in its share premium account to write off accumulated losses of over Rs6,978 crore at the end of previous fiscal. The share premium account is an equity account on a company’s balance sheet and the amount in the account represents the additional amount shareholders paid for their issued shares that was in excess of the par value of those shares.
The bank said it has a balance availability in the share premium account of Rs7,650.06 crore as on 31 March 2017. The board of directors today considered and approved to utilise the balance to “write off the accumulated losses of the bank aggregating to Rs6,978.94 crore as at March 31, 2017,” the bank said in a regulatory filing.
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