Indian Bank raises Rs 500 crore through Upper Tier II bonds

Indian Bank has now announced with reference to the earlier announcement dated June 03, 2010 about the approval of the Board of the Bank for raising Tier II Capital (upper / lower / mix) upto Rs. 1000 crore in one or more tranches during the current year and with reference to earlier announcement dated July 02, 2010 informing raising of Lower Tier II Bonds to the extent of Rs. 500 crore on June 28, 2010, that in terms of the above approval, the Bank has since raised capital to the extent of another Rs. 500 crore by issue of 8.67% Unsecured Redeemable Non-Convertible Subordinated Upper Tier II Bonds in the nature of Promissory Notes (Series III), on private placement basis. The issue opened and closed on July 16, 2010 and the allotment was done on July 16, 2010.

The stock was trading at Rs.238.50, down by Rs.2.80 or 1.16%. The stock hit an intraday high of Rs.244 and low of Rs.238.10.

The total traded quantity was 15658 compared to 2 week average of 138803.

Source : Equity Bulls

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