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Indian Overseas Bank to raise Rs 1,000 crore via bond issue

02 Feb 2015 Evaluate

Indian Overseas Bank (IOB) has launched an issue of Unsecured, Non-Convertible, Additional Tier -I, Basel III Compliant Perpetual bonds to the extent of Rs 1,000 crore. This includes a green shoe option of Rs 300 crore to augment additional Tier-I capital and strengthen capital adequacy under Basel-III norms.

The issue will have a face value of Rs 10 lakh per bond and carry a coupon rate of 10% per annum payable annually. The bond issue opened on January 23 for subscription and would close on February 4, 2015. The deemed date of allotment would be February 4, 2015.

Peers
Company Name CMP
State Bank Of India 952.80
PNB 114.30
Bank Of Baroda 234.55
Canara Bank 119.00
Union Bank Of India 173.00
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