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India Overseas Bank raises 5B rupees via Tier 2 bonds

Indian Overseas Bank raised 5 billion rupees through an offering of Basel-III compliant Tier 2 bonds on private placement basis.

The 10-year bonds were priced with a coupon rate of 9.0802% per year, according to a Sept. 20 BSE filing.

As of Sept. 20, US$1 was equivalent to 71.05 Indian rupees.