IOB to raise Rs 1,200 cr through bonds this fiscal

Indian Overseas Bank will raise Rs 1,200 crore by issuing tier-I and tier-II bonds on a Pvt placement basis.

Indian Overseas Bank (IOB) will raise Rs 1,200 crore by issuing tier-I and tier-II bonds on a private placement basis for the financial year 2006-07.

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The Board of directors has approved issuing of perpetual hybrid tier-I capital bond, upper tier-II subordinated debt and lower tier-II subordinated debt, IOB informed the Bombay Stock Exchange.