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Indian Overseas Bank to raise approximately 10B rupees in share sale

Indian Overseas Bank plans to raise approximately 10 billion Indian rupees via a qualified institutional placement.

The bank said in a Feb. 2 release that the sum remains an indicative one and the issue size may vary, based on its discretion.

The state-owned lender is looking to hire lead bookrunning managers for the proposed offering. Eligible and interested merchant banks have till Feb. 23 to submit bids for the roles.

As of Feb. 2, US$1 was equivalent to 64.19 Indian rupees.