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Chennai-based Indian Overseas Bank has received the RBI’s nod to implement call options on bonds worth Rs655cr, as per a BSE filing. The call option is set to be exercised on September 17.
Reportedly, the bank had earlier claimed that it will pay interest on the bonds and not employ call options. However, after subsequent consultations with the RBI, it decided to use this tool due to its impact on capital adequacy.
Incidentally, a call option allows the buyer to purchase the instrument at a specific price before the option expires.
The bank's stock is currently trading at Rs14.90 down by Rs0.1 or 0.67% from its previous closing of Rs15 on the BSE.
The scrip opened at Rs15.35 and has touched a high and low of Rs15.35 and Rs14.90 respectively. So far 15,775 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs7,336.15cr.
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