Indian Overseas Bank to Raise Rs 4,000 Crore in Capital Market Surge

Indian Overseas Bank plans to raise Rs 4,000 crore in the current quarter, receiving board approvals for the capital market move. With a significant growth in net profit and business, the bank aims to utilize Qualified Institutional Placements to gather the required funds.

Indian Overseas Bank is set to enter the capital market with an ambitious plan to raise Rs 4,000 crore this quarter, according to top executive Ajay Kumar Srivastava.

The board-approved fundraising aims to utilize Qualified Institutional Placements (QIP) to amass the needed funds, which could occur as soon as next month, contingent on capital market conditions.

This strategic move follows impressive financial performance, including a 56.2% jump in net profits to Rs 1,365 crore, showcasing the bank's robust growth in core business areas.

(With inputs from agencies.)