Indian Overseas Bank to raise Rs 800 cr by issuing bonds

Public sector Indian Overseas Bank today said it will raise an amount totalling to Rs 800 crore by issue of bonds on private placement basis.

The bank will garner Rs 510 crore by issue of unsecured redeemable non-convertible subordinate (Upper Tier II) bonds (Series III), Indian Overseas Bank said in a filing to the Bombay Stock Exchange (BSE).

The bank would further raise Rs 290 crore by issuing unsecured redeemable non-convertible subordinate bonds (Series XII), it added.

Shares of Indian Overseas Bank today closed at Rs 82.45 on the BSE, up 0.43 per cent from the previous close.