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.
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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.