IOB to raise Rs 1,200cr this fiscal

The board of directors of Indian Overseas Bank (IOB) in their meeting yesterday approved raising an aggregating of Rs 1,200 crore for the financial year 2006-07 on a private placement basis.

According to a release issued by IOB to the BSE today, the banks plans to raise the capital by way of issue of perpetual hybrid tier I capital, upper tier II subordinated debt and lower tier II subordinated debt.