Chennai based mostly public sector lender Indian Abroad Financial institution(IOB) has efficiently mobilised tier II bonds of Rs 1,000 crore.
The financial institution got here up with Basel III compliant tier II collection V bonds situation with base measurement of Rs 200 crore and inexperienced shoe possibility of Rs 800 crore. The bidding was held on March 23 on BSE digital biding platform.
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The financial institution acquired numerous bids as much as Rs 1,025 crore towards base situation measurement of Rs 200 crore. The financial institution accepted bids of quantity as much as Rs 1000 crore at 9% towards bid acquired of Rs 1025 crore. The problem was oversubscribed by 5 occasions of base situation measurement, IOB stated in a launch.
