Financial Daily from THE HINDU group of publications
Wednesday, Dec 01, 2004
Financial Daily from THE HINDU group of publications Wednesday, Dec 01, 2004 |
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Money & Banking
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Public Sector Banks IOB to raise Rs 150 cr as Tier-II capital Our Bureau
Chennai , Nov. 30 INDIAN Overseas Bank plans to raise Rs 150 crore as Tier-II capital. The bank had raised Rs 200 crore in July to augment its resources. The bank's capital adequacy was at 13.47 per cent as of September 2004. Asked about the reason for the fresh proposal to raise capital, Mr S.C. Gupta, Chairman and Managing Director, said, "Our credit expansion is better than expected. We expect to cross Rs 4,000 crore in credit compared to the target of Rs 3,100 crore. We have taken approval from the board to raise extra capital, as a measure of extra comfort. We may raise the money any time before March 31, 2005."
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