India Overseas Bank mobilises Rs 500 cr through issue of bonds

India Overseas Bank on Saturday said it has raised Rs 500 crore through bonds.

"India Overseas Bank has mobilised Rs 500 crore through its issue of Basel lll Complaint Tier ll bonds today," it said in a statement.

The funds mobilised will be used to meet the growth requirements apart from meeting the regulatory requirements, the statement said.

"The base size of the issue was Rs 500 crore with a green-shoe option of Rs 300 crore aggregating Rs 800 crore. The bank received bids of Rs 855 crore with various coupon rates. However, the bank has decided to accept the bids for base issue size i.e. Rs 500 crore," it said.