Indian Bank raises Rs 5,000 crore through infra bonds

New Delhi: State-run Indian Bank on Monday said it has raised Rs 5,000 crore through a 10-year, long-term infrastructure bond issue at a coupon rate of 7.15 percent.

The lender received two bids for a cumulative amount of Rs 3,100 crore at 7.13 percent coupon, two bids each for a cumulative value of Rs 4,100 crore and Rs 5,050 crore, at a coupon rate of 7.14 percent and 7.15 percent, respectively, market sources said.

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Additionally, the bank received one bid for a cumulative amount of Rs 5,075 crore, market participants added.

The bank planned to raise Rs 5,000 crore, including Rs 3,000 crore in the greenshoe option.

The bonds have been rated 'AAA' with 'Stable' outlook by CARE and CRISIL.

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Pay in and allotment of the bonds will take place on March 24.

Pay in is the date when investors and the issuer exchange bonds and money.

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