Public sector lender Indian Overseas Bank has informed that its board has approved a plan to raise capital of Rs 1100 crore through Tier-I and Tier-II bonds.

The bank will raise Rs 300 crore through Tier I perpetual bonds, Rs 290 crore through lower Tier II bonds and Rs 510 crore by way of upper Tier II bonds.

Yesterday, Indian Overseas Bank has declared its quarterly results. The lender has registered a net profit of Rs 359.01 crore for the second quarter ended September 30, a growth of 12.29 per cent from that in the corresponding period year ago.

The firm had a net profit of Rs 319.70 crore in the second quarter of FY'08.