MoneyWorks4Me

Indian Bank gets nod to raise up to Rs 4,000 crore from share sale

22 Jan 2021 Evaluate

Indian Bank has received approval from board to raise up to Rs 4,000 crore from share sale to enhance capital base. The board has approved raising equity capital aggregating up to Rs 4,000 crore through Qualified Institutions Placements (QIPs)/Follow on Public Offer (FPO)/ Rights Issue or in combination thereof subject to approval of Government of India, Reserve Bank of India.

Besides, the board has also given approval for raising another Rs 3,000 crore through bonds. The board approved raising AT 1/Tier 2 Capital aggregating up to Rs 3,000 crore through issuance of Basel III Compliant AT1/Tier 2 Bonds in one or more tranches during the current or subsequent financial years based on the requirement.

Indian Bank was established as a part of the Swadeshi movement. The Bank provides a wide spectrum of banking products and services.

Peers
Company Name CMP
State Bank Of India 948.15
PNB 114.35
Bank Of Baroda 234.20
Canara Bank 118.25
Union Bank Of India 171.90
View more..