Indian Bank to raise $350 mn MTN

Will look at raising Rs 1,000 cr from Central government

Indian Bank is expected to raise $350 million through Medium Term Note (MTN) and another Rs 1,200 crore for capital requirment.

"We have started talking to the agencies for raising the MTN to serve our customers overseas. We are also looking at another Rs 1,200 crore for capital requirement for the current fiscal," Bhasin told Business Standard.

It has three branches overseas, including in Singapore and Columbo. Besides it is also looking at opening a branch in Hongkong.

The Bank would be submitting a demand for Rs 1,000 crore with the Central government, and the rest of the money would be raised from the market. It may be noted that the Bank claims that it has not raised funds from the central government for the past seven years.

The current fiscal year is expected to be a better year compared to the past two years, said Bhasin to the reporters while announcing the financial results. The Gross Domestic Product (GDP) growth is expected to be higher for the current fiscal year and the Bank is expecting a growth fo 18 per cent in deposit during the year, he added.