Indian Bank's plan to raise Rs 12 thousand crore gets approval from the board
Indian Bank board has approved the proposal to raise up to Rs 12000 crore through equity and debt. The approval includes the raising of equity capital up to Rs 5000 crore through QIP/FPO/rights issue or combination thereof subject to government and RBI approval. Shares of Indian Bank were at Rs 565.90, down 1.66% from their previous close on BSE.
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On Wednesday, public sector lender Indian Bank announced that a plan to raise up to Rs 12,000 crore through debt and equity had been approved by the board.
The public sector bank stated in a regulatory filing that, subject to government and RBI approval, the approval includes raising equity capital up to Rs 5,000 crore through QIP, FPO, rights issues, or a combination of these.
Furthermore, contingent on need, it will issue bonds compliant with Basel III for up to Rs 2,000 crore in the current or future fiscal years.
The Board's approval includes raising long-term infrastructure bonds up to Rs 5,000 crore in one or more tranches depending on the need for infrastructure financing/refinancing and affordability during the current or subsequent financial years.
Shares of Indian Bank were trading at Rs 565.90, down 1.66 percent from its previous close on BSE.
