Indian Overseas Bank board approves capital raising plan for FY25
The Hindu
Indian Overseas Bank (IOB) plans to raise ₹5,000 crore in equity capital and ₹1,000 crore in Tier II capital.
Indian Overseas Bank (IOB) is planning to raise paid-up equity capital for FY25 to a maximum extent of ₹5,000 crore.
The board approved the proposal which would be done by way of follow-on public offer, rights issue, qualified institutional placement, ESPS, preferential issue or any other mode, in one or more tranches within a period of 12 months from the date of approval, after obtaining the necessary approval, the public sector lender said in a regulatory filing.
IOB said it also plans to raise Tier II capital by issue of BASEL III compliant Tier II bonds up to a maximum extent of ₹1,000 crore depending upon the requirement, with or without green shoe option, in one or more tranches within a period of 12 months from the date of approval.
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