Indian Bank gets nod to raise Rs 4,000 crore in equity capital

Public sector Indian Bank on Wednesday said the Committee of Directors accorded approval for raising equity capital of the bank aggregating to Rs 4,000 crore.

The Chennai-headquartered bank said the capital raising would be done through Qualified Institutions Placement in one or more tranches subject to necessary approvals.

"..we have to inform you that the Committee of Directors for capital raising in its meeting held on August 30 accorded approval for raising of equity capital of the bank aggregating up to Rs 4,000 crore (including premium), through Qualified Institutions Placement in one or more tranches subject to all statutory and regulatory approvals," Indian Bank said in a BSE filing.