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

Mumbai: 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.