Indian Overseas Bank raises Tier II bonds of Rs 1,000 cr

Indian Overseas Bank has come out with issue of Basel III Compliant Tier II Bonds amounting to Rs. 1,000 crore (including Base issue of Rs. 500 crore and Green Shoe option of Rs. 500 crore).

Bank has received a total bid of Rs. 3,264 crore in overwhelming response from the Investors and the issue was oversubscribed by 6.52 times against the base issue size. Further, Bank has accepted bids of Rs. 1,000 crore at coupon rate of 7.80%.

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