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Indian Bank plans to raise up to 70B rupees of capital

Indian Bank plans to raise up to 70 billion rupees of capital in one or more tranches.

The company is looking to raise capital through a follow-on public offer, private placement, qualified institutional placement, rights issue, preferential issue or institutional placement program.

The board will consider the move when it meets Dec. 19, according to a Dec. 14 filing.

As of Dec. 14, US$1 was equivalent to 64.23 Indian rupees.