Indian Bank raises Rs 2.90 bn via Tier-2 bonds on private placement basis

The bank plans to raise bonds up to Rs 10 bn in one or more tranches during the current or subsequent years

Chennai-based public sector lender Indian Bank has raised Rs 2.90 billion under Basel-III-compliant Tier-2 Bonds on Tuesday, as part of its plans to raise bonds up to Rs 10 billion in one or more tranches during the current or subsequent years.     

The bank on Tuesday informed the exchanges that the funds were raised under the Basel-III-compliant Tier-2 Bonds with a coupon rate of 8.90 per cent per annum, tenure at 10 years and call option after completion of five years on private placement basis.