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Indian Overseas Bank gets nod to raise Rs 300 crore on private placement basis

Indian Overseas Bank’s board has approved the raising of Tier II capital by issue of Tier II BASEL III Compliant Bonds for an issue size of Rs 200 crore with Green Shoe Option of additional Rs 100 crore aggregating Rs 300 crore in one or more tranche/s, on private placement basis. The Board of Directors of the bank at their meeting held on November 30, 2018, approved the same.

Indian Overseas Bank is a pioneer in many fields – Banking, Insurance and Industry with the twin objectives of specialising in foreign exchange business and overseas banking.

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