Indian Bank Board Approves Rs 12,000 Crore Fundraising Plan

Indian Bank's board has approved a proposal to raise up to Rs 12,000 crore through equity and debt. This includes Rs 5,000 crore via equity options, Rs 2,000 crore through Basel-III compliant bonds, and Rs 5,000 crore in long-term infrastructure bonds, pending government and RBI approval.

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.

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