Indian Overseas Bank (IOB), a Chennai-based public sector lender, has successfully raised Rs 1,000 crore in secondary bonds.

The bank issued a Basel III-compliant Tier II Series V bond with a base size of Rs 200 crore and a greenshoe option of Rs 800 crore. The tender was held on March 23 on the BSE e-tendering platform.

The bank received bids of up to Rs 1,025 crore for a base issue of Rs 200 crore. The bank accepted bids of up to Rs 1,000 crore at an interest rate of 9% against an offer of Rs 1,025 crore. The offering was oversubscribed five times the base offering size, the IOB said in a release.