Indian Bank raises Rs 560 cr by issuing bonds

The bank on date has further raised tier 1 capital fund through private placement of Basel III compliant AT 1 additional tier 1 perpetual bonds aggregating to Rs 560 crore, Indian Bank said in a regulatory filing.The coupon on the bonds was 8.44 per cent per annum payable annually.

Indian Bank on Monday said it has raised Rs 560 crore by issuing Basel III compliant bonds on private placement basis. The bank on date has further raised tier 1 capital fund through private placement of Basel III compliant AT 1 (additional tier 1) perpetual bonds aggregating to Rs 560 crore, Indian Bank said in a regulatory filing.

The coupon on the bonds was 8.44 per cent per annum payable annually. ''The issuance/placement of said bonds has been completed by the bank through BSE-EBP (bond platform),'' it added.

Stock of Indian Bank jumped 11.77 per cent to close at Rs 95.90 apiece on BSE..