Indian Bank gets nod to raise 5,000 crore via QIP, FPO

CHENNAI: The Annual General Meeting (AGM) of Indian Bank approved a special resolution, enabling the public sector bank to raise up to Rs 5,000 crore through Qualified Institutional Placement, follow-on public offers, rights issue, or in combination, through one or more tranches.

The special resolution was approved during the bank's AGM held in June, the minutes of the meeting were made available on the stock exchange on Tuesday.

Bank's board in May approved raising capital up to Rs 5,000 crore.

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