The shareholders have approved the company's plan to raise up to Rs 3,456 crore by issuing preference equity shares to Adar Poonawalla-led firm
"The total equity investment by the investors would aggregate to Rs 588 crore, equivalent to $80 million in the company," Indiabulls Ventures said
Indian Bank to be anchor in the merger, which will create country's seventh largest lender
This is much higher than Rs 23,260 cr mobilised in the whole of FY15