IOB raises Rs 1,000 crore via issue of non-convertible bonds
Indian Overseas Bank (IOB) said that it has raised Rs 1,000 crore via issue of 1,000 unsecured, non-convertible, listed, redeemable, Basel-III compliant tier-II bonds through private placement basis.
The bonds bear a coupon rate of 9%. The bond issue opened and closed on 24 March 2023. The maturity date for the same is 24 March 2033.
The tenor of the said instrument is 10 years, with a call option on fifth year coupon payment date and on subsequent coupon payment date.
Indian Overseas Bank is engaged in the business of banking & financial services.
The bank's net profit jumped 22.3% to Rs 555.19 crore on 13% rise in total income to Rs 6,006.01 crore in Q3 FY23 over Q3 FY22.
The scrip declined 2.70% to end at Rs 22.33 on the BSE on Friday.
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