Chennai-based lender Indian Overseas Bank (IOB) is all set to raise $500 million through issue of medium-term notes (MTN) in overseas financial markets
These types of bonds are quite popular in the market.
The exact time for the fund raising process will depend on the credit demand from Indian firms which have their operations in foreign countries in the overseas branches of IOB.
The Indian lender plans to offer loans for affordable housing and infrastructure sectors after larger banks initiate the process of long-term bond issue across the same industries.
the bank is likely to garner approximately Rs 35 billion via infrastructure bond issue
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