INDIAN OVERSEAS BANK - Raising of Tier I Capital - Issue of Basel III Compliant Additional Tier I Bonds (Perpetual Bonds)

Indian Overseas Bank has informed BSE that the Board at its meeting held on December 05, 2014 accorded its approval to the Bank to raise capital of Rs. 2000 crore with an option to retain oversubscription up to Rs. 600 crore aggregating to Rs. 2600 crore as capital by way of issue of perpetual bonds (Additional Tier I Bonds) at appropriate time in one or more tranches on private placement basis depending upon the market conditions.<BR><BR>The Bank is in the process of getting approval from Government of India to raise capital by way of AT1 bonds and are taking necessary steps in this regard.