Indian Overseas Bank’s board of directors has approved raising of Rs 800 crore by way of tier 1 (perpetual) bonds - a bond with no maturity date - in one or more tranches, the bank said in a notification to the stock exchanges.

The announcement led to jump in IOB's share price by 1.61 per cent to Rs 85.35 on the BSE.

(This article was published on December 10, 2012)
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