IOB raises $500 million from bonds

State-owned Indian Overseas Bank (IOB) today said it has raised $500 million (about Rs 2,250 crore) from overseas markets.

The bank has raised $500 million by way of senior unsecured bonds under medium-term note (MTN) programme of $1 billion on April 12, IOB said in a filing to the Bombay Stock Exchange.

The fund was raised through the bank's Hong Kong branch.

The notes will be issued on April 19 and will be listed on the Singapore Stock Exchange.

The bond with a coupon rate of 5% per annum will mature in 2016, it said.