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# Business

Indian Bank shares rise over 5% after lender raises Rs 1,048

Around 10.40 a.m., company’s stock on the BSE was at Rs 90.15, higher by Rs 4.55 or 5.32 per cent from its previous close.

SNS | New Delhi | December 9, 2020 12:53 pm

Indian Bank shares rise over 5% after lender raises Rs 1,048

Sashi Bhusan Dash led a team of officials of Indian Bank, along with the Zonal Manager of the Siliguri Zone, FR Bokhari, for the “early morning recovery drive.” (Photo: Getty)

Share price of Indian Bank jumped over five per cent during early trading hours on Wednesday after the bank raised Rs 1,048 crore through private placement of AT-1 perpetual bonds.

It has so far touched an intra-day high of Rs 93.75 per share. Around 10.40 a.m., company’s stock on the BSE was at Rs 90.15, higher by Rs 4.55 or 5.32 per cent from its previous close.

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“The Bank on date has successfully raised Tier 1 Capital Fund through Private Placement of Basel III compliant AT-1 Perpetual Bonds aggregating to Rs 1,048 crore at a coupon of 8.44 per cent p.a. payable annually,” the bank had said on Tuesday in a regulatory filing.

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If further said that the issuance or placement of the bonds has been completed by the bank through BSE-EBP.

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