Indian Overseas Bank (IOB) has received USD 25,717,298.33 from the liquidator as an interim distribution of capital repatriation. This amount is on account of Member’s Voluntary Liquidation (MVL) of India International Bank (Malaysia) Bhd, which was a joint venture. IOB’s share in the joint venture with Bank of Baroda and Union Bank of India was 35%. The liquidation process is related to IOB’s overseas investment.
Liquidation Proceeds Received
Indian Overseas Bank (IOB) has received a substantial amount from the liquidation of a joint venture. The bank has officially received USD 25,717,298.33. This inflow of funds strengthens IOB’s capital position and reflects returns from its international investments.
Details of the Liquidation
The received amount is related to the Member’s Voluntary Liquidation (MVL) of India International Bank (Malaysia) Bhd. This entity was a joint venture between three prominent Indian banks: Bank of Baroda, Union Bank of India, and Indian Overseas Bank (IOB). IOB held a 35% stake in the joint venture. The receipt of these liquidation proceeds signifies the resolution of IOB’s investment in the Malaysia-based venture and positively impacts the bank’s financials for the current period.
Source: BSE
