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Indian Overseas Bank (IOB) on Friday raised Rs. 500 crore through issuance of Basel III compliant Tier II bonds. In a press statement, IOB said that the base price of the issue was Rs.500 crore with a Green Shoe option of Rs.300 crore aggregating to Rs.800 crore. The bank received bids for Rs.855 crore, however the bank had decided to accept the base issue size of Rs.500 crore, the statement added. The funds will be used to meet the growth requirements of the bank apart from meeting the regulatory requirements, the bank said.
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