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Indian Overseas Bank to consider proposal to raise up to Rs. 12 billion in debt
By Reshmi Basu
New York, April 27 - Chennai, India-based Indian Overseas Bank said its board of directors will meet on April 30 to discuss a proposal to raise up to Rs. 12 billion of debt via a private placement for the 2006/2007 financial year.
The board will discuss the issuance of perpetual hybrid tier I capital, upper tier II subordinated debt and lower tier II subordinated debt.
The issuer is a state-run bank.
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