IOB to raise Rs 800 cr via perpetual bonds

Indian Overseas Bank’s board of directors has approved raising of Rs 800 crore by way of tier 1 (perpetual) bonds - a bond with no maturity date - in one or more tranches, the bank said in a notification to the stock exchanges.

The announcement led to jump in IOB's share price by 1.61 per cent to Rs 85.35 on the BSE.