Indian Bank raises Rs 500 crore via additional tier-I bonds

State-run Indian Bank today said it has raised Rs 500 crore by issuing additional tier-I bonds.
"The bank has successfully raised Rs 500 crore under Basel III compliant additional tier I bonds on March 30, 2016 with a coupon of 11.15 per cent per annum from Rural Electrification Corporation Ltd," Indian Bank said in a BSE filing.
Earlier this month, Indian Bank had informed that its Board has given approval to raise Basel III compliant tier II or additional tier I bonds for Rs 1,100 crore in one or more tranches in the current or subsequent years based on the requirement.

Indian Bank shares were trading 1.59 per cent up at Rs 105.30 apiece during afternoon session on the BSE.