IOB updates - recommends dividend

Indian Overseas Bank (IOB) has informed about the following:

1. The Board of Directors of the Bank at their meeting held on April 28, 2008 approved / took on Record the Audited financial results for the year ended March 31, 2008 and considered / recommended a dividend of 32% (Rupees Three and Paise twenty only per equity share of Rs 10/- each) for the financial year 2007-2008. The aforesaid dividend was to be payable to those share holders of the bank who were on the Register of Shareholders as on May 06, 2008.

2. Upon a proposal for reconsideration of dividend received by the Bank from the Government of India, the Majority shareholder of the Bank, late in the evening on June 11, 2008, a meeting of the Board of Directors is being convened on June 13, 2008 to :

- Reconsider the Audited financial results for the year ended March 31, 2008, now revised and

- Recommend dividend afresh payable to those share holders of the bank who were on the Register of Shareholders as on May 06, 2008.