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.

Yash Ved
Yash Ved is a Senior Correspondent at NewsBarons and comes with a decade of experience across leading online and offline publications. A keen observer of the stock index movement, Yash also likes covering Real Estate and the BFSI sector. A financial management and Journalism student, Yash believes learning as a continuous journey and enjoys following the IT and the Pharmaceutical industry and has penned many articles on the subjects.