Indian Overseas Bank have approved a fundraise of up to Rs 6,000 crore via debt and equity instruments. The bank will raise Rs 5,000 crore through follow-on public offer, rights issue, qualified institutional placement and preferential issue, according to an exchange filing on Monday.The funds will be raised in one or more tranches within a period of 12 months from the date of approval, it said. It will also require the necessary approval from Government of India and shareholders.The Chennai-based public sector bank will also raise tier-2 capital by issue of BASEL III Compliant Tier II bonds of Rs 1,000 crore, in one of more tranches within 12 months of the approval, it said.Ajay Kumar…
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Indian Overseas Bank To Raise Rs 6,000 Crore Via Multiple Instruments
