IOB Raises Rs 500 Cr Through BASEL-III Tier-II Bonds Issue

The public sector Indian Overseas Bank (IOB) has mobilized Rs 500 crores through its issue of Basel III Compliant Tier II Bonds.

The base size of the issue was Rs 500 crores with Green Shoe Option of Rs 300 crores aggregating Rs .800 crores, an IOB release said. The bank received bids for Rs 855 crores with various coupon rates.

However, the bank has decided to accept the bids for base issue size i.e. Rs.500 crores. The funds mobilised will be used to meet the growth requirements of the bank apart from meeting the regulatory requirements.