Date:31/03/2006 URL: http://www.thehindubusinessline.com/2006/03/31/stories/2006033104460600.htm

Back Darashaw invests Rs 200 cr in IOB

Our Bureau

Chennai , March 30

Darashaw & Co, a Mumbai-based securities firm, has invested Rs 200 crore in Indian Overseas Bank (IOB), picking up the entire offering of perpetual bonds issued on Tuesday. "We received a cheque for the entire amount," Mr T.S. Narayanasami, Chairman and Managing Director of IOB, told Business Line today.

IOB is the first bank to complete a programme of raising perpetual bonds. A few other public sector banks have come out with issues of perpetual bonds but are yet to close the issues, it is understood.

IOB launched its own international credit card in association with Visa on Thursday.

So far the bank had been issuing its credit cards in association with Canara Bank.

"Now we have grown big enough to fly on our own wings," Mr Narayanasami said.

Two months back IOB had launched its first card - a Visa ATM-cum-debit card.At a function, Tamil film star, Vikram, received the first card and playback singer, P. Susheela, the second card.