Indian Overseas Bank plans Rs. 1.5 billion promissory note sale

By Reshmi Basu

New York, Nov. 29 - Indian Overseas Bank said it plans to raise 1.5 billion rupees through the private placement of promissory notes.

The notes will be structured as unsecured, subordinate and redeemable bonds.

The funds will boost the bank's tier II capital for capital adequacy purposes.

Indian Overseas Bank is based in Chennai, India.

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