Indian Bank board approves plan to raise Rs 12,000 crore

New Delhi: 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.

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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 percent over the previous close on the BSE.

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