CHENNAI: State-owned Indian Bank has been approved by its board to raise Rs 12,000 crore.
In a stock exchange filing on Wednesday, the bank said, its board has given the nod to raise equity capital aggregating upto Rs 5,000 crore (including premium) through different modes such as QIP/ FPO/Rights Issue or in combination after the approval of the Union government, RBI and in compliance with other statutory/regulatory provisions in this regard. Raising AT 1/tier-2 capital upto Rs 2,000 crore through issuance of Basel III Compliant AT 1 perpetual bonds/tier 2 bonds in one or more tranches during the current or subsequent financial years based on the requirement has been approved.
Further, nod has been given to raise long term infrastructure bonds 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, it added.
