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The funds mobilised will be used to meet growth requirement (Mint file)
The funds mobilised will be used to meet growth requirement (Mint file)

Indian Overseas Bank raises 500 crore via bonds

  • The base size of the issue was 500 crore with a greenshoe option of 300 crore
  • The bank received bids worth 855 crore with various coupon rates

New Delhi: Indian Overseas Bank on Saturday said it has raised 500 crore through bonds.

"Indian Overseas Bank has mobilised 500 crore through its issue of Basel lll Complaint Tier ll bonds today," it said in a statement.

The funds mobilised will be used to meet growth requirement apart from regulatory requirement, the statement said.

"The base size of the issue was 500 crore with a greenshoe option of 300 crore. The bank received bids worth 855 crore with various coupon rates. However, the bank has decided to accept the bids for a base issue size i.e. 500 crore," it said.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed

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