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Indian Bank to decide on raising Rs 7,000 crore in Q2: MD

Press Trust of India  |  Chennai 

State-owned will take a call on raising Rs 7,000 crore during the second quarter of the current financial year, its said Tuesday.

"We have received approval to raise upto Rs 7,000 crore. We will decide about it during the second quarter," she told PTI here.

In December 2017, the bank's Board accorded approval to raise equity capital upto Rs 7,000 crore in one or more tranches in the current or subsequent financial years based on requirement through FPO, private placement, QIP/rights issue/preferential issue/institutional placement programme.

To a query whether the has chalked out plans to reduce Non-Performing Assets, she said the target was to bring it down to less than three per cent.

Gross NPA of the reduced to 7.11 per cent at the end of March 2018 while net NPA was at 3.75 per cent.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 14 2019. 19:11 IST