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Indian Overseas Bank was founded in 1937 by Chidambaram Chettyar. It was one of the 14 major banks that were nationalized in 1969.
President of India, promoter of Indian Overseas Bank, sold 41.78 crore shares (2.17% stake) via an Offer for Sale. Post-transaction, the promoter's holding decreased from 94.61% (1821.83 crore shares) to 92.44% (1780.05 crore shares). This disposal was conducted through the stock exchange mechanism.