January 5, 2018 / 6:00 AM / 9 months ago

BUZZ-Indian Overseas Bank rises; board approves $1.10 bln write-off

** Shares of Indian Overseas Bank rise as much as 10.2 pct to 25.40 rupees

** Stock hits highest since Nov. 7; posts biggest intraday pct gain since Oct. 25

** Board on Thursday approved the write-off of bank’s accumulated losses worth up to 69.79 bln rupees ($1.10 billion)

** Bank to use 76.50 bln rupees available in share premium account as of March 31, 2017 for the write-off (bit.ly/2E8vcFS)

** Shareholders will be asked to vote on the plan on Jan. 30, the lender said

** About 3.5 mln shares changed hands by 0542 GMT, more than three times the stock’s 30-day avg ($1 = 63.3325 Indian rupees)

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