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Indian Bank gets board approval to raise Rs 4,000 cr from share sale

State-owned Indian Bank on Friday said the board has approved a proposal to raise up to Rs 4,000 crore from share sale to enhance capital base.

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Updated:22nd Jan, 2021 at 4:00 PM

New Delhi

The board has approved "raising equity capital aggregating up to Rs 4,000 crore through Qualified Institutions Placements (QIPs)/Follow on Public Offer (FPO)/ Rights Issue or in combination thereof subject to approval of Government of India, Reserve Bank of India," the bank said in a regulatory filing.

Besides, the board has also given approval for raising another Rs 3,000 crore through bonds.

The filing further said the board approved "raising AT 1/Tier 2 Capital aggregating up to Rs 3,000 crore through issuance of Basel III Compliant AT1/Tier 2 Bonds in one or more tranches during the current or subsequent financial years based on the requirement".

Meanwhile, the Chennai-based bank reported more than doubling of its profit at Rs 514.28 crore for the third quarter ended December 2020 as against Rs 247.16 crore in the same quarter a year ago.

Total income during the quarter under review was Rs 11,421.34 crore, up from Rs 6,505.62 crore in the same period a year ago.

Indian Bank gets board approval to raise Rs 4,000 cr from share sale

State-owned Indian Bank on Friday said the board has approved a proposal to raise up to Rs 4,000 crore from share sale to enhance capital base.

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