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Our Bureau

Chennai , Jan. 7

INDIAN Overseas Bank has raised Rs 150 crore through private placement of `unsecured redeemable non-convertible subordinated bonds'.

The bonds, rated `AA+' by CARE, have a tenure of 123 months.

With this issue, the bank's capital adequacy ratio stands increased at 13.47 per cent, against 12.49 per cent at the end of March 2004.

In a press release, the bank has said that there has been a good pick-up in credit this fiscal.

Consequently, the credit-deposit ratio in the first nine months of the current fiscal was close to 240 per cent.

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