Indian Overseas Bank raises Rs665 crore through allotment of bonds on Private Placement basis

1 Apr 2022 , 09:16 AM

Indian Overseas Bank Board on Thursday has accorded approval for the Capital Plan of the Bank for the year 2021-22 including for issue of Basel III Compliant Tier II Bonds upto a maximum extent of Rs1000 crore in one or more tranche/s on private placement basis.

The Bank has successfully raised Rs665 crore through the Private Placement of Basel III Compliant Tier II Bonds Series IV. The Bank allotted 665, 8.60% Unsecured, Subordinated, Non-Convertible, Redeemable, Fully Paid up, Taxable Basel III Compliant Tier II Bonds (SeriesIV) at a face value of Rs1 crore.

During early trade on Friday, Indian Overseas Bank was trading at Rs18.25 per share up by Rs0.05 or 0.27% from its previous closing of Rs18.20 per share on the BSE.