With reference to the earlier letter dated March 08, 2016 conveying the approval accorded by Banks Board 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. Indian Bank has now informed that the Bank has successfully raised Rs 500 crore under Basel III compliant Additional Tier I Bonds on March 30, 2016 with a coupon of 11.15% p.a. from Rural Electrification Corporation.
The above information is a part of company’s filings submitted to BSE.
