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Indian Overseas Bank raises Rs 800 crore through bond issue

04 Nov 2016 Evaluate

In a bid to beef up its tier-II capital, Indian Overseas Bank (IOB) has issued debt bonds worth Rs 800 crore on private placement basis. The bank has issued Basel III Compliant Tier II Bonds Series-I in the nature of Promissory notes with a coupon of 9.24% per annum with a maturity of 10 years.

IOB has reported a net loss of Rs 1450.50 crore for the quarter ended June 30, 2016 as compared to a net profit of Rs 14.76 crore for the same quarter in the previous year. Total income of the bank decreased by 12.05% to Rs 5868.44 crore for the quarter under review, from Rs 6672.11 crore for the corresponding quarter of the previous year.

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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