IOB to raise ₹5,000cr

Chennai: Indian Overseas Bank (IOB) on Thursday said its board has given the nod for the public sector lender to raise Rs 5,000 crore during the current financial year (2026-27).

The board in its meeting approved the capital plan of the bank for raising equity capital to the extent of Rs 5,000 crore through Follow-on Public offer (FPO), rights issue, Qualified Institutional Placement (QIP), preferential issue or any other mode or combination in one or more tranches, IOB informed the stock exchange.

Issue of BASEL III compliant Tier II bonds up to a maximum extent of Rs 1,000 crore depending upon the requirement, with or without green shoe option, in one or more tranches on private placement or to retail segment by way of public issue, either domestically or overseas, the regulatory filing added.