Indian Overseas Bank raises ₹500 crore via bonds1 min read . Updated: 23 Sep 2019, 10:37 AM IST
- 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.
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