Public sector lender Indian Bank will raise Rs 5,000 crore to support loans for infrastructure as well as affordable housing. The bank’s board of directors will take up the proposal to raise money at its meeting to be held next week.
“A proposal for issue of long term bonds for financing of infrastructure and affordable housing up to an amount of Rs 5,000 crore will be taken up for approval…on May 5, 2017,” Indian Bank said in a regulatory filing.
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Providing affordable housing is one of the ambitious projects of the government, ‘Housing for All by 2022’. Boosting infrastructure is another key area that has been accorded key priority. The bank’s stock closed 0.49 per cent up at Rs 320 on BSE.