Indian Overseas Bank may raise up to Rs. 40 billion tier 1 perpetuals

By Susanna Moon

Chicago, May 27 – Indian Overseas Bank notified the Bombay Stock Exchange that it may raise up to Rs. 25 billion of Basel III-compliant additional tier 1 perpetual bonds with a Rs. 15 billion greenshoe.

Indian Overseas may issue the bonds in one or more tranches on a private placement basis, according to a notice.

The issue was approved at board meeting held on May 27.

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

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