Indian Overseas Bank has mobilized Rs 500 crore through its issue of Basel III Complaint Tier II bonds. The funds mobilized will be used to meet growth requirement apart from regulatory requirement.
The base size of the issue was Rs 500 crore with a greenshoe option of Rs 300 crore. The bank received bids worth Rs 855 crore with various coupon rates. However, the bank has decided to accept the bids for a base issue size i.e. Rs 500 crore.
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.
