CHENNAI: Public sector lender Indian Bank announced on Friday that it has successfully raised Rs5,000 crore through a long-term infrastructure bond issuance.
The bond offering attracted significant investor interest, receiving 90 bids totaling Rs15,925 crore – more than three times the issue size. The issuance included a base amount of Rs2,000 crore with an option to retain oversubscription of up to Rs3,000 crore.
The bank accepted bids at a coupon rate of 7.12 per cent per annum for the full issue size of Rs5,000 crore.
The 10-year, fully paid-up non-convertible bonds are aimed at boosting Indian Bank’s capacity to support credit growth and refinance infrastructure projects.
“This strategic initiative is part of Indian Bank’s efforts to bolster its resource base to drive credit expansion and infrastructure refinancing,” the bank stated.
