Financial Daily from THE HINDU group of publications
Friday, Mar 04, 2005
Financial Daily from THE HINDU group of publications Friday, Mar 04, 2005 |
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Money & Banking
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Overseas Borrowings IOB plans GDR issue in Singapore Our Bureau
Chennai , March 3 INDIAN Overseas Bank intends to raise S$250 million (Rs 673 crore) through a GDR issue. The bank is seeking listing of the GDRs on the Singapore Stock Exchange, according to a notice sent by the bank to the Bombay Stock Exchange. A senior official of IOB told Business Line today that the bank had "roped in some Asian investors." Besides, an overseas listing would help the bank gain "global visibility", the official said. IOB has already tapped the Indian capital market twice. The GDR issue is expected to reduce government's holding in the bank from 61.23 per cent now to somewhere around 52 per cent.
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