Chennai based public sector lender Indian Overseas Bank(IOB) has successfully mobilised tier II bonds of Rs 1,000 crore.
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 March 23 on BSE electronic biding platform.
The bank received various bids up to Rs 1,025 crore against base issue size of Rs 200 crore. The bank accepted bids of amount up to Rs 1000 crore at 9% against bid received of Rs 1025 crore. The issue was oversubscribed by 5 times of base issue size, IOB said in a release.
