Live Markets »News & Advice»Company News»Company News Details
Company News Details
Back

$500-mn MTN issue at right time, says IOB

Press Trust of India/New Delhi 29 Jun 12 | 06:42 PM

 Indian Overseas Bank today said it is "waiting for the right time" on its proposal to raise funds of $500 million through medium-term notes for funding its overseas operations.

"MTN is updated and everything is ready... Currently, the price (share price) is very high. Unless, the European crisis stabilises, we will not be raising funds.

"We are waiting for the right time.. Right now, there is enough liquidity...," IOB Chairman and Managing Director M Narendra said here on the sidelines of the bank's 12th annual general meeting.

Related Stories

    No Related Stories Found

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

On their proposal to set up a subsidiary in Malaysia under the joint venture agreement with Bank of Baroda and Andhra Bank, he said it wasexpected to become operational in July.

Narendra said they were looking to foray into other regions like Mozambique and also in other markets during this year.

Earlier, addressing the shareholders, Narendra said the Indian Economy witnessed stress during the last year, with leading growth drivers showing declining trend. The turmoil in the euro-zone reduced the global demands, leading to stagnation in some sectors.

"As a result, the GDP growth slowed down to 6.5% during 2011-12. While agriculture and services sector recorded impressive growth, core sector slackened..", he said.

He said this year the bank's target for agriculture credit was Rs 500 crore and they have already touched around Rs 400 crore.

Sensex

Company Price Gain (%)
Bajaj Auto2,528.004.76
Hero Motocorp3,117.104.07
Cipla628.453.69
Larsen & Toubro1,559.503.17
Tata Motors516.953.04

Poll

Will markets continue to scale record highs in Samvat 2071?


Online Portfolio

You can create Online Portfolio here using the below button.