Indian Overseas Bank has received an approval for raising of paid-up Equity Capital of the Bank aggregating up to Rs 1000 crore through Follow-on Public offer (FPO)/Rights issue/ Qualified institutional Placement (QIP) / Preferential issue or any other mode or combination thereof.
The bank also received approval for raising of Tier II capital aggregating up to Rs 1000 crore through issuance of Basel III Compliant Tier II Bonds or such other securities as may be permitted under the applicable laws. The Board of Directors of the Bank in its meeting held on May 12, 2023, approved the same.
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.