Public sector lender Indian Bank on Friday announced that it has raised Rs.5,000 crores through long-term infrastructure bond issuance.
The bank received a total of 90 bids amounting to Rs. 15,925 crores against the total issue size of Rs.5,000 crore (Base issue of Rs. 2,000 crore and Greenshoe option to retain oversubscription up to Rs. 3,000 crore).
The bank accepted bids for Rs. 5,000 Crores at a coupon of 7.12% p.a.
“This strategic move is part of Indian Bank’s efforts to mobilise resources for credit growth and refinancing of infrastructure projects,” it said.
The long-term fully paid-up non-convertible bonds have a fixed maturity of 10 years.