IOB to raise Rs 700 cr via bonds

NEW DELHI: Public sector lender Indian Overseas Bank will raise Rs 700 crore through bonds to meet capital requirements.

The board of the bank approved the issue of unsecured, reedemable bonds, which will be raised shortly, the bank said in a filing to the Bombay Stock Exchange.

The Chennai-based bank also said it has raised Rs 300 crore from unsecured bonds last week.

Shares of IOB were trading at Rs 89.80, down 2.13 per cent at the BSE.