Indian Bank raises Rs 560 cr by issuing bonds

New Delhi: Indian Bank on Monday said it has raised Rs 560 crore by issuing Basel III compliant bonds on private placement basis.

The bank on date has further raised tier 1 capital fund through private placement of Basel III compliant AT 1 (additional tier 1) perpetual bonds aggregating to Rs 560 crore, Indian Bank said in a regulatory filing.

The coupon on the bonds was 8.44 per cent per annum payable annually.

"The issuance/placement of said bonds has been completed by the bank through BSE-EBP (bond platform)," it added.

Stock of Indian Bank jumped 11.77 per cent to close at Rs 95.90 apiece on BSE.