Indian Overseas Bank may raise up to Rs. 26 billion tier 1 perpetuals

By Susanna Moon

Chicago, Dec. 15 – Indian Overseas Bank informed the Bombay Stock Exchange that it may raise up to Rs. 26 billion of Basel III compliant additional tier 1 perpetual bonds.

Indian Overseas may raise Rs. 20 billion of bonds with an oversubscription option for up to Rs. 6 billion bonds, according to a notice.

The company said it may issue the bonds in one or more tranches on a private placement basis depending upon the market conditions.

The company’s board of directors approved the issue at a meeting held Dec. 5.

Indian Overseas Bank is a lender based in Chennai, India.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.