IOB to raise Rs 300 crores through issue of Perpetual Tier I Bonds - Series IV

Indian Overseas Bank (IOB) has announced with reference to the earlier announcement dated October 30, 2008 regarding Board's sanction for issuance of bonds on private placement basis. In terms of such sanction, the Bank has come out with an issue of Unsecured Non-Convertible Subordinated Perpetual Bonds (Series IV) in the nature of Promissory Notes aggregating to Rs. 300 crores on private placement basis.

The stock was trading at Rs.131.30, up by Rs.3.25 or 2.54%. The stock hit an intraday high of Rs.134.80 and low of Rs.128.50.

The total traded quantity was 642906 compared to 2 week average of 654689.

Source : Equity Bulls

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