Board of Indian Bank approves raising equity capital up to Rs 4000 cr

Also approves raising Tier 1 / 2 capital upto Rs 3000 cr

The Board of Indian Bank at its meeting held on 22 January 2021 has approved the following:

Raising equity capital aggregating up to Rs.4000 crore through Qualified Institutions Placements (QIPs)/Follow on Public Offer (FPO)/ Rights Issue or in combination thereof subject to approval of Govt. of India, Reserve Bank of India and in compliance with other statutory/regulatory provisions in this regard.

Raising AT 1 / Tier 2 Capital aggregating upto Rs.3000 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.

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