Financial Daily from THE HINDU group of publications
Saturday, May 20, 2006
Financial Daily from THE HINDU group of publications Saturday, May 20, 2006 |
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Markets
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Debt Market Money & Banking - Corporate Bonds M. Ramesh
Chennai , May 19 Citibank and Barclays have invested in the second tranche of perpetual bonds of Indian Overseas Bank. The two institutions invested Rs 50 crore and Rs 20 crore, respectively. But the dominant investor was again Darashaw & Co of Mumbai, which put Rs 130 crore into the bonds. It may be remembered, that Darashaw also picked up the entire lot of Rs 200 crore of perpetual bonds in March. The funds raised through these bonds are counted as Tier-I capital. "Our aim is to cross 9 per cent in Tier-I capital by June," Mr T.S. Narayanasami, Chairman and Managing Director, IOB, told Business Line today. He said the bank's exercise to raise $250 million (Rs 1,100 crore) of debt from overseas markets would be completed by June. The funds are to be raised through an issue of 5-year bonds and, apart from bringing in lower-cost resources, are expected to help bridge asset-liability gaps.
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