CHENNAI, Jan 31: Public sector Indian Overseas Bank plans to raise Rs 1,000 crore to augment the additional Tier-I capital and also to strengthen its overall capital.
“Indian Overseas Bank has launched an issue of unsecured, non-convertible, additional Tier-I, basel III compliant perpetual bonds to the extent of Rs 1,000 crore, including an option of Rs 300 crore to augment additional Tier-I capital”, the Chennai-based bank said in a statement.
Tier I capital is core capital and includes equity capital and disclosed reserves.
The Bond will have a face value of Rs 10 lakh per bond and carry a coupon rate of 10 per cent per annum payable annually.
The bond issue was opened on January 23 for subscription and would close on February 4, 2015, it said. (PTI)
Follow our WhatsApp channel