Indian Overseas Bank board oks raising Rs41.5 billion

Indian Overseas Bank said on Friday its board has approved raising funds worth Rs41.5 billion via private placement.                                           

The board approved raising Rs17 billion via qualified institutional placement, 2.5 billion rupees by tier-1 bonds, Rs10 billion by lower tier-2 bonds and Rs12 billion by upper tier-2 bonds, it said in a statement to the exchange.