A recent press report said that Indian Overseas Bank has planned to raise Rs 1,200 crore of capital in the current financial year.
Mr. M. Narendra, Chairman and Managing Director, of the bank said that the bank might go in for a public issue, rights issue or Qualified Institutional Placements in order to raise the capital. He added saying that the bank would look at market conditions and decide the route to raise the capital. He added saying that the bank has planned to attain a 25 per cent growth in total business in the current financial year.
Reports also said that the total business of the bank was at Rs 2.59 lakh crore as March 31, 2011.
The bank has appointed consultants Deloitte, Haskins and Sells to explore and find out ways of expanding its business to 14 more overseas locations in Africa, Australia and US.
Reports also said that the bank has got approval from RBI to set up branches in China, Dubai and Bangkok.
The banks offers loans such as Personal Loan, Home Improvement Loan, Car Loan, Housing Loan, Agricultural Loans, Educational Loan, Commercial Vehicle Loan, Corporate Loans, NRI Home Loans and more.