CHENNAI: Public sector Indian Bank on Wednesday said the Committee of Directors accorded approval for raising equity capital of the bank aggregating to Rs 4,000 crore.

The Chennai-headquartered bank said the capital raising would be done through Qualified Institutions Placement in one or more tranches subject to necessary approvals.

“..we have to inform you that the Committee of Directors for capital raising in its meeting held on August 30 accorded approval for raising of equity capital of the bank aggregating up to Rs 4,000 crore (including premium), through Qualified Institutions Placement in one or more tranches subject to all statutory and regulatory approvals,” Indian Bank said in a BSE filing.

Indian Bank reported a 41 per cent rise in net profit at Rs 1,709 crore in the April-June 2023 quarter due to decline in bad loans.

The bank had posted a net profit at Rs 1,213 crore in the year-ago period.

Total income in the first quarter of the current financial year rose to Rs 14,759 crore as against Rs 11,758 crore registered in the same period of last year.