Leading Public sector lender, Indian Bank has said, “The board has approved a proposal to raise Rs 4,000 crore through a share sale.”
In a filing with the stock exchange, Indian Bank said, “The board has approved raising equity capital aggregating up to Rs 4,000 crore through Qualified Institutions Placement (QIPs) / Follow on Public Offers (FPOs) / Right issue or in combination thereof subject to the approval of Government of India, Reserve Bank of India.”
“Besides, the board has also approved raising another Rs 3,000 crore through bonds issue,” the filing said.
“The board approved the raising AT1/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 fiscal years based on the requirement,” it added.
