Indian Bank to raise INR 7,000 Crore

Indian Bank to raise INR 7,000 Crore

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Indian Bank announced that An Extra-ordinary General Meeting (EGM) of the shareholders of the Bank will be held on Wednesday, the January 31, 2018 to get their approval for raising equity capital by the Bank upto INR 7,000 Crore (including premium) in one or more tranches in the current or subsequent financial years based on the requirement through FPO/ Private Placement/ QIP/ Rights Issue/ Preferential issue/ Institutional Placement Programme to be decided by the Bank, under Section 3 (2B) (c) of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 / 1980.