Comments
State-owned Indian Overseas Bank (IOB) said it has raised Rs 300 crore by issuing Basel III compliant bonds.
The bank’s board had earlier approved a proposal to raise the amount by issuing Basel III compliant Tier II bonds in one or more tranches on private placement basis.
“The bank has now successfully raised Rs 300 crore by issue of Basel III compliant Tier II bonds with coupon rate of 11.70 per cent per annum, tenor of 10 years and call option at the end of 5 years or on any coupon payment date thereafter,” IOB said in a regulatory filing.
Basel III is an international regulatory framework with a set of reforms to improve the regulation, supervision and risk management within the banking sector.
To comply with global Basel III capital regulations, banks need to improve and strengthen their capital planning process.
IOB scrip closed at Rs 14 on the Bombay Stock Exchange (BSE), down 28 per cent.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.