Published on 22/09/2019 9:35:15 AM | Source: HT Media

India Overseas Bank raises ₹500 crore via bonds

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New Delhi: India Overseas Bank on Saturday said it has raised ₹500 crore through bonds.

"India Overseas Bank has mobilised ₹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 growth requirement apart from regulatory requirement, the statement said.

"The base size of the issue was ₹500 crore with a greenshoe option of ₹300 crore. The bank received bids worth ₹855 crore with various coupon rates. However, the bank has decided to accept the bids for a base issue size i.e. ₹500 crore," it said.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed