Indian Bank to raise Rs 7,000 cr via various means

State-owned Indian Bank will raise up to Rs 7,000 crore through various means, including a follow on public offer (FPO), in the current fiscal and the following years.
The bank said the proposal has been okayed by the board today.
"The board has, at the meeting held on December 19, 2017 accorded approval to the bank to raise equity capital up to Rs 7,000 crore in one or more tranches in the current or subsequent financial years based on the requirement through FPO/ private placement/ QIP/ rights issue/preferential issue/institutional placement programme," the bank said in a regulatory filing today.
The bank said an extraordinary general meeting of the bank will be held on January 31, 2018 to get the approval of the shareholders in this regard.

Stock of the bank closed 0.64 per cent up at Rs 392 on the BSE.