Public sector bank Indian Bank has received approval from the Board of Directors to raise Tier II or additional Tier I Bonds for Rs 1,100 crore in one or more tranches in in the current and subsequent years.
The Bank, in a regulatory filing said that the Board has earlier approved to raise Basel III complaint Tier II Bonds for Rs 1,100 crore, but considering the changed scenario, the Board accorded approval to the Bank to raise Basel III complaint Tier II of Additional Tier I Bonds for the same amount in one or more tranches in the current or subsequent years based on the requirement.
