Indian Bank board approves plan to raise Rs 5,000 crore via bond

India’s leading public sector bank, India Bank on Monday said, “It plans to raise about Rs 5,000 crore through issuance of bonds.”

In a filing at the exchange, Indian Bank said, “The board of directors in its meeting accorded approval to raise Basel III compliant tier-1 and/or tier-2 bonds up to Rs 5,000 crore in one or more tranches in current or subsequent financial years based on the requirement.”