With refer to earlier communication dated January 19, 2016 conveying the approval accorded by the Board of Directors of the Bank to raise Basel III compliant Tier II Bonds for Rs1100 crore in one or more tranches in the current or subsequent years based on the requirement. Indian Bank has now informed that in continuation of the above approval and considering the changed scenario, the Board of Directors has, in the meeting held on March 08, 2016, accorded approval to the Bank to raise Basel III compliant Tier II or Additional Tier I Bonds for Rs 1100 crore in one or more tranches In the current or subsequent years based on the requirement.
The above information is a part of company’s filings submitted to BSE.
