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Indian Bank board approves plan to raise Rs 12k cr

Shares of Indian Bank were trading at Rs 565.90 apiece, down 1.66 per cent over the previous close on the BSE.

Indian Bank board approves plan to raise Rs 12k cr
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NEW DELHI: Public sector lender Indian Bank on Wednesday said its board has approved a proposal to raise up to Rs 12,000 crore through equity and debt. In a regulatory filing, the public sector bank said the approval includes raising equity capital up to Rs 5,000 crore through QIP/ FPO/rights issue or in combination thereof, subject to the government and RBI approval.

Besides, it would raise up to Rs 2,000 crore through the issue of Basel-III compliant bonds during the current or subsequent financial years based on the requirement.

The board approval includes raising long-term infrastructure bonds aggregating up to Rs 5,000 crore in one or more tranches during the current or subsequent financial years based on the requirement for financing/refinancing of infrastructure and affordable housing.

Shares of Indian Bank were trading at Rs 565.90 apiece, down 1.66 per cent over the previous close on the BSE.

PTI
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