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Indian Overseas Bank to raise Rs7 bn via bonds

Indian Overseas Bank to raise Rs7 bn via bonds
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First Published: Mon, Sep 08 2008. 01 22 PM IST
Updated: Mon, Sep 08 2008. 01 22 PM IST
Mumbai: State-run Indian Overseas Bank will open a Rs7 billion bond issue on Tuesday, a bank official said on Monday.
The upper Tier II bonds would have a maturity of 15 years, with a call option at the end of the 10th year, he said. The coupon rate on the bonds would be 11.05%, he added.
The issue size is Rs5 billion rupees with a greenshoe option of an additional Rs2 billion.
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First Published: Mon, Sep 08 2008. 01 22 PM IST