Indian Bank shares surge over 5% post raising Rs 1,048 cr

Mumbai, Dec 9 (IANS) Shares of Indian Bank surged over five per cent 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., its shares on the BSE were at Rs 90.15, higher by Rs 4.55 or 5.32 per cent from its previous close.In a regulatory filing on Tuesday, the bank said: "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 issuance or placement of the bonds has been completed by the bank through BSE-EBP, it added.
--IANS rrb/sn/dpb