IOB raises Rs. 1000 crores through Basel III Tier 2 bonds issue

Indian Overseas Bank on 24.03.2023 has successfully mobilized Tier II Bonds of Rs.1000 crore (Rupees One Thousand Crores Only). The Bank came up with Basel III Compliant Tier II Series V Bonds issue with Base Size of Rs.200 crore and Green Shoe option of Rs.800 crore. The bidding was held on 23.03.2023 on BSE Electronic Biding Platform. The Bank received various bids up to Rs.1025 crore against base issue size of Rs.200 crore. The Bank accepted bids of amount up to Rs.1000 crore @ 9.00 % against bid received of Rs.1025 crore. The issue was oversubscribed by 5 times of base issue size.

Shares of Indian Overseas Bank was last trading in BSE at Rs. 22.33 as compared to the previous close of Rs. 22.95. The total number of shares traded during the day was 2554294 in over 2678 trades.

The stock hit an intraday high of Rs. 23.06 and intraday low of 22.05. The net turnover during the day was Rs. 57663791.00.

Source : Equity Bulls

Keywords

IndianOverseasBank INE565A01014 IOB FundRaising Tier2Bonds BaselIII