India New Issue-Indian Overseas Bank to issue 10-year Tier II bonds - traders

Indian Overseas Bank

20/03/2023 10:14

MUMBAI, March 20 (Reuters) - Indian Overseas Bank
 IOBK.NS  plans to raise at least 2 billion rupees ($24.2
million) through the sale of Basel III complaint Tier II bonds
maturing in 10 years, two merchant bankers said on Monday.
    The state-run bank has invited coupon and commitment bids
from bankers and investors for the issue on Thursday, they said.
    The notes are rated AA- by ICRA and Care Ratings, and will
be settled on Friday.
    The issue has a greenshoe option to retain an additional 8
billion rupees and has a call option at end of five years.
    
($1 = 82.5910 Indian rupees)

 (Reporting by Dharamraj Dhutia; Editing by Varun H K)
 ((Dharamraj.dhutia@tr.com))