Indian Overseas Bank (IOB) has decided to raise $500 million through a Medium Term Note (MTN) program in the third quarter of the current financial year. MTN is a debt instrument with a 5-10 year maturity period. Chennai-headquartered bank has recently opened its 3,000th branch at Vaniankudi in Sivaganga district.
The bank had also raised a similar amount through MTN last year. If its business continues to grow at 14%, for its domestic operations it will require a capital of Rs 2,300 crore by the end of the year.
