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Indian Bank plans to raise Rs 1,000 cr via tier-2 bonds in Q3

By Religare
|

Chennai based public sector lender Indian Bank is planning to raise Rs 1,000 crore via tier-2 bonds in the third quarter of current year to boost its capital base.

"We will be raising the capital by the way of subordinated tier-II bonds in the third quarter," said T M Bhasin, chairman and managing director, Indian Bank. The issue has been rated AAA by Crisil and CARE.

Meanwhile, Indian Bank has also been planning a major restructuring. It has asked government to divest 10 per cent stake in the bank, but that's not going to happen soon, said a media report.

 

Also the bank is planning to merge two of its three subsidiaries - Indbank Housing and Indfund Management with itself.

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Story first published: Friday, May 24, 2013, 23:32 [IST]
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