Indian Bank plans to raise around Rs 1,100 crore

Indian Bank is planning to raise about Rs 1,100 crore to raise Basel III complaint Tier II Bonds.

The bank today informed BSE pursuant to bank's strategic plan discussed by board on October 26, 2015, the bank is proposing to seek approval of its board in ensuing board meeting.

The meeting is to be held on January 19, 2016 to permit the bank to raise Basel III compliant Tier II Bonds for Rs 1,100 crore in one or more tranches in the current or subsequent years based on the requirement.