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Indian Overseas Bank raises Rs 800 crore through bond issue

In a bid to beef up its tier-II capital, Indian Overseas Bank (IOB) has issued debt bonds worth Rs 800 crore on private placement basis. The bank has issued Basel III Compliant Tier II Bonds Series-I in the nature of Promissory notes with a coupon of 9.24% per annum with a maturity of 10 years.

IOB has reported a net loss of Rs 1450.50 crore for the quarter ended June 30, 2016 as compared to a net profit of Rs 14.76 crore for the same quarter in the previous year. Total income of the bank decreased by 12.05% to Rs 5868.44 crore for the quarter under review, from Rs 6672.11 crore for the corresponding quarter of the previous year.

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