Indian Overseas Bank raises Rs 1,000 cr on Basel III Compliant Tier 2 bonds

New Delhi: State-owned Indian Overseas Bank said in a regulatory filing that the Bank has successfully raised Rs 1,000 crore Unsecured, Non-Convertible, Listed, Redeemable, Basel lll Compliant Tier ll Bonds (Series V) through Private Placement Basis on Friday.

Specific details

Sharing specific details pertaining to the transaction, it said, the bond size is Rs 1,000 crores. The number of bonds is 1,000. Thus, the face value is Rupees one crore. Further, it added that the issue opened and closed on March 23 while the allotment was done on Friday i.e., March 24. These bonds were issued at a coupon rate of nine percent. The tenor for these bonds is 10 years, with a call option on the fifth-year coupon payment date and on the subsequent coupon payment date. These bonds will mature on March 24, 2033.

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