IOB raises Rs 665 crore via tier-II bonds, exercises green shoe

Chennai-based public sector lender Indian Overseas Bank has raised Tier-II Bonds of Rs 665 crore, it said in a statement on Wednesday. The money will be used for business growth. The lender came up with a Basel-III compliant bond issue with base size of Rs 200 crore and green shoe option of Rs 600 crore.

The bidding was held on Wednesday on BSE Electronic Biding Platform. The bank received various bids worth up to Rs 765 crore against the base issue size of Rs 200 crore, it added. "The Bank accepted bids up to Rs 665 crore at 8.60 per cent against Rs 765 crore. The allotment is scheduled on 31.03.2022," it said.