Indian Bank board approves raising Rs 1,100 cr via bonds

Public sector Indian Bank today said its board has approved raising Rs 1,100 crore through Basel-III complaint tier-II or additional tier-I bonds.
The Bank will raise the sum in one or more tranches in the current or subsequent years based on the requirement, Indian Bank said in a BSE filing today.
A meeting of the Board of Directors was held today to approve the capital raising plans of the bank, it added.
Shares of Indian Bank closed at Rs 100.10 apiece on BSE, up 0.45 per cent from previous level.