Indian Bank seeks to raise up to 70B rupees in equity, debt

Indian Bank plans to raise up to 70 billion rupees by issuing equity shares and Basel III-compliant additional Tier 1/Tier 2 bonds.

The state-run bank said Jan. 22 that its board approved the capital-raising plans. It plans to raise up to 40 billion rupees of equity capital through qualified institutional placements, a follow-on public offer or rights issue, subject to the government's approval.

Indian Bank also plans to raise up to 30 billion rupees through the issuance of Basel III-compliant additional Tier 1/Tier 2 bonds in one or more tranches.

As of Jan. 21, US$1 was equivalent to 72.96 Indian rupees.