Business & Investment

Indian Bank Obtained Board Approval to Raise Rs 4,000cr from Share Sale

State-owned Bank of India On Friday, the board said it had approved a proposal to raise up to Rs 4,000 from the sale of shares to strengthen its capital base.

The Board of Directors has approved to raise capital up to Rs 4,000 through Qualified Institutional Placement (QIP) / Public Offering (FPO) Follow-up / Rights Issue or a combination thereof, subject to the approval of the Government of India. .. Bank of India“The bank said in a filing with regulators.

Moreover, the board has also approved raising an additional 3,000 rupees. Bonds..

In addition, the board of directors raised “AT 1 / Tier 2 Capital, and the filing Basel III Compliant AT1 / Tier 2 Bonds in one or more tranches during the current or subsequent fiscal year based on requirements. ”

Meanwhile, a Chennai-based bank reported that profits for the third quarter, which ended in December 2020, were more than doubled from 247.16 rupees in the year-ago quarter to 514.28 rupees.

Total revenue for the quarter was Rs 11,421.34, up from Rs 6,505.62 in the year-ago quarter.



Indian Bank Obtained Board Approval to Raise Rs 4,000cr from Share Sale

https://economictimes.indiatimes.com/markets/stocks/news/indian-bank-gets-board-approval-to-raise-rs-4000-cr-from-share-sale/articleshow/80405347.cms Indian Bank Obtained Board Approval to Raise Rs 4,000cr from Share Sale

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