Indian Bank has raised Rs 1,650 crore through the qualified institutions placement (QIP). The committee of directors of capital raising in its meeting held on June 24, 2021, approved the closure of the issue for the issue June 24, 2021 subsequent to the receipt of applications forms for an amount aggregating to Rs 1,650 crore from eligible qualified institutional buyers (QIBs), which was opened on June 21, 2021.
Indian Bank was established as a part of the Swadeshi movement. The Bank provides a wide spectrum of banking products and services.