IOB board approves Rs 800cr capital infusion

State-owned Indian Overseas Bank (IOB) today said its board has given approval for raising Rs 800 crore through bonds.

The board accorded sanction for raising of Rs 800 crore by way of Tier 1 (Perpetual) bonds in one or more tranches, IOB said in a filing on the BSE.

The government has made budget provision of Rs 15,000 crore for recapitalisation of public sector banks in the current fiscal.

Shares of the bank closed at Rs 86.80, up 3.33 per cent on the BSE.

Last fiscal, the government infused equity capital of Rs 1,675 crore into the Chennai-based bank. In 2010-11, the government pumped Rs 20,157 crore in public sector banks to maintain tier I capital at 8 per cent and increase the government equity in some banks to 58 per cent.

In the following fiscal, public sector banks got Rs 12,000 crore for improving their capital adequacy ratio.

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