Bharat Overseas Bk plans IPO in Oct

Bharat Overseas Bank is planning to tap the capital market in October with an initial public offering (IPO) to fund expansion plans and meet Basel II norms.

"We have applied to the RBI for permission to float an IPO. A final decision will be taken in a few days," G Krishamurthy, chairman and CEO, said today.

The bank has appointed SBI Capital Markets as merchant bankers for the issue, he added.