Public sector Indian Overseas Bank on Saturday said it has raised Rs 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 Rs 500 crore through the Tier-II bonds.
“The base size of the issue was Rs 500 crore aggregating Rs 800 crore. The bank received bids for Rs 855 crore with various coupon rates. However, the bank has decided to accept the bids for base issue of Rs 500 crore,” the bank said.
The funds raised would be used to meet the ‘growth’ requirements of the bank apart from regulatory requirements.
In May this year, the bank had said it planned to raise Rs 850 crore during this financial year through sale of non-core assets to augment capital.
Source: Economic Times