Indian Overseas Bank waiting to raise $500M through MTN

Indian Overseas Bank is waiting for the European crisis to stabilise to raise US$ 500 million through medium-term notes for funding its overseas operations.

"MTN is updated and everything is ready... Currently, the price is very high. Unless, the European crisis stabilises, we will not be raising funds," said IOB Chairman and Managing Director M Narendra.

"We are waiting for the right time.. right now, there is enough liquidity...,"  he added.

The bank last year raised USD 500 million for its overseas operations and the issue was oversubscribed by four times.

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