Indian Overseas Bank has received approval from its board for issuance of equity shares to a maximum of Rs 1,000 crore with appropriate premium to the public, by way of follow on public offer/rights issue with or without participation from government or issue of equity shares to Qualified Institutional Buyers (QIBs). The bank will seek shareholders' approval for raising the equity capital.
The board also approved raising tier II capital by issue of Basel III-compliant tier II bonds up to Rs 1,000 crore with or without applicable green shoe option on private placement basis. It may also include bonds issuance to retail segment through public issue domestically or overseas.
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.
