Chennai-headquartered Indian Overseas Bank said it has successfully mobilised ₹665 crore through the issue of Tier II Bonds.
The bank came up with Basel III Compliant Tier II Bonds issue with a base issue size of ₹200 crore and a Green Shoe option of ₹600 crore.
The bidding was held on March 30, 2022, on the BSE Electronic Bidding Platform. The bank received various bids up to ₹765 crore against a base issue size of ₹200 crore.
The bank accepted bids up to ₹665 crore @8.60% against ₹765 crore. The allotment is scheduled for March 31, 2022. The fund will be used for business growth, said a statement.