Indian Overseas Bank has mobilized Rs. 500 crores through its issue of Basel III compliant Tier II Bonds. The base size of the issue was Rs. 500 crores with Green Shoe Option of Rs.300 crores aggregating Rs. 800 crores on private placement basis. The bank received bids for Rs.855 crores with various coupon rates. However, the Bank has decided to accept the bids for base issue size i.e. Rs.500 crore @ coupon rote of 9.0802% p.a with tenor of 10 years. The funds mobilised will be used to meet the growth requirements of the bank apart from meeting the regulatory requirements.
Shares of INDIAN OVERSEAS BANK was last trading in BSE at Rs.10.2 as compared to the previous close of Rs. 9.71. The total number of shares traded during the day was 65562 in over 204 trades.
The stock hit an intraday high of Rs. 10.4 and intraday low of 9.65. The net turnover during the day was Rs. 652410.