Indian Overseas Bank Mobilises ₹500 Cr

Public sector Indian Overseas Bank on Saturday said it has raised ₹500 crore through Basel III Tier-II bonds issue to meet growth and regulatory requirements.

The city-headquartered bank, in a statement, said it mobilised ₹500 crore through the Tier-II bonds.

The bank received bids for ₹855 crore with various coupon rates. However, the bank has decided to accept the bids for base issue of ₹500 crore.

The funds raised would be used to meet the ‘growth’ requirements of the bank apart from regulatory requirements, it said.

In May this year, the bank had said it planned to raise ₹850 crore during this financial year through sale of non-core assets to augment capital.