Indian Bank will take a call on raising Rs 7,000 crore during the second quarter of the current financial year (FY20). The Bank has already received approval to raise up to Rs 7,000 crore.
In December 2017, the bank's Board accorded approval to raise equity capital up to Rs 7,000 crore in one or more tranches in the current or subsequent financial years based on requirement through FPO, private placement, QIP/rights issue/preferential issue/institutional placement programme.
Indian Bank was established as a part of the Swadeshi movement. The Bank provides a wide spectrum of banking products and services.
