Jan 02, 2013 01:21 PM IST | Source: Moneycontrol.com

Indian Overseas Bank up 3.5% on fund raising plan

Shares of Indian Overseas Bank gained as much as 3.5 percent intraday amid large volumes on Wednesday as the bank plans to raise Rs 800 crore through perpetual bonds in three months.

Indian Overseas Bank up 3.5% on fund raising plan

Shares of Indian Overseas Bank gained as much as 3.5 percent intraday amid large volumes on Wednesday as the bank plans to raise Rs 800 crore through perpetual bonds in three months.

"On December 8, the bank’s board of directors had approved a plan to raise Rs 800 crore through Tier-I (perpetual bonds). However, the bank had postponed the plan due to changes introduced by the Reserve Bank of India in the implementation of Basel-III norms," according to Business Standard reports.

At 12:34 hours IST, the stock rose 2.33 percent to Rs 92.15 on the Bombay Stock Exchange.

Trading volumes increased 130 percent to 3,36,326 equity shares as compared to its five day average of 1,46,280 shares.

The stock has been gained 10.5 percent in four consecutive sessions since December 28, 2012.

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