Indian Overseas Bank issues Rs. 1.5 billion of tier II bonds

By Reshmi Basu

New York, Jan. 7 - Indian Overseas Bank said it raised Rs. 1.5 billion through the private placement of Tier II (series VII) bonds.

Since the book order was fully subscribed, the bank moved up the subscription date to Thursday, from the originally scheduled closing date of Jan. 17. The settlement date has been changed to Friday.

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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