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IOB Board approves raising of Tier II capital

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Mumbai, Feb 24 (UNI) Indian Overseas Bank (IOB) has decided to raise about Rs 300 crore as Tier-II capital to meet the financial needs of the bank.

The Board of Directors of the Bank at its meeting held today, approved raising of Tier II capital by way of Unsecured, Redeemable, Non-convertible, Subordinated Bonds in the nature of Promissory Notes aggregating Rs 300 crore.

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