IOB raised Rs.1000 crore @ 9.00% through Basel III Tier II Bonds issue

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IOB
IOB raised Rs.1000 crore @ 9.00% through Basel III Tier II Bonds issue

Chennai, 24.03.2023: Indian Overseas Bank on 24.03.2023 has successfully mobilized Tier II Bonds of Rs.1000 crore (Rupees One Thousand Crores Only). The Bank came up with Basel III Compliant Tier II Series V Bonds issue with Base Size of Rs.200 crore and Green Shoe option of Rs.800 crore. The bidding was held on 23.03.2023 on BSE Electronic Biding Platform. The Bank received various bids up to Rs.1025 crore against base issue size of Rs.200 crore. The Bank accepted bids of amount up to Rs.1000 crore @ 9.00 % against bid received of Rs.1025 crore. The issue was oversubscribed by 5 times of base issue size.