Indian Bank plans to raise Rs 12k cr

New Delhi: Public-sector lender Indian Bank on Wednesday said its board has approved a proposal to raise up to Rs12,000 crore through equity and debt. In a regulatory filing, the public-sector bank said the approval includes raising equity capital up to Rs5,000 crore through QIP/ FPO/rights issue or in combination thereof, subject to the government and RBI approval.

Besides, it would raise up to Rs2,000 crore through the issue of Basel-III compliant bonds during the current or subsequent financial years based on the requirement. The board approval includes raising long-term infrastructure bonds aggregating up to Rs5,000 crore in one or more tranches during the current or subsequent financial years based on the requirement for financing/refinancing of infrastructure and affordable housing.