PSU lender Indian Overseas Bank has mobilised ₹1,000 crore through Tier II bonds.
The Chennai-headquartered bank came up with Basel III compliant Tier II Series V Bonds issue with a base size of ₹200 crore and a green shoe option of ₹800 crore. The bidding was held on March 23 on the BSE Electronic Bidding Platform, according to a statement.
Lessons from last financial cycle provided an additional layer of protection: CEAData from EPFO and NREGA suggest that the rural economy is not particularly hurting, says Anantha Nageswaran
The issue was oversubscribed by five times of base issue size.
The bank received various bids up to ₹1,025 crore against a base issue size of ₹200 crore. The bank accepted bids of the amount up to ₹1,000 crore at 9 per cent against bid received of ₹1,025 crore.