Indian Bank Board Approves Raising Rs 1,100 Crore via Bonds

New Delhi: Indian Bank on Tuesday said its board has approved raising of Rs 1,100 crore through Basel-III complaint, tier-II or additional tier-I bonds.

The bank will raise the sum in one or more tranches in the current or subsequent years based on the requirement, the public sector lender said in a filing to the BSE on Tuesday.

A meeting of the board of directors was held on Tuesday to approve the capital raising plans of the bank, it added.

Shares in Indian Bank, on Tuesday, ended 0.45 per cent higher at Rs 100.10 apiece on the BSE, whose benchmark Sensex index finished up 0.05 per cent.