New Delhi: On Monday, Indian Banks said about their plan to raise around Rs 5000 crore via bonds for growth of the business. The decision of raising money took place in its board funds meeting on Monday.
India Bank said in a regulatory filing, ” The Board of Directors approved the fundraising of Rs 5000 crore through Basek III compliant tier-1 or tier-2 bonds. This would be done in one or more tranches in the current or following financial years as per the requirement.
Indian Bank reported last week about a net loss of Rs 217.74 crore due to higher provisions for the Q1 Quarter (March quarter of 2019-2020).