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Indian Bank surges on getting nod to raise Rs 5,000 crore via bonds

  • Jun-30-2020
  • 10:19:00 Hrs IST

Indian Bank is currently trading at Rs. 64.95, up by 0.75 points or 1.17% from its previous closing of Rs. 64.20 on the BSE.

The scrip opened at Rs. 65.85 and has touched a high and low of Rs. 66.00 and Rs. 64.65 respectively. So far 372130 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 264.30 on 04-Jul-2019 and a 52 week low of Rs. 41.70 on 25-Mar-2020.

Last one week high and low of the scrip stood at Rs. 71.30 and Rs. 61.60 respectively. The current market cap of the company is Rs. 7386.06 crore.

The promoters holding in the company stood at 83.46%, while Institutions and Non-Institutions held 9.03% and 7.51% respectively.

Indian Bank’s board has accorded approval to raise Basel III compliant tier-1 and/or tier-2 bonds up to Rs 5,000 crore in one or more tranches in current or subsequent financial years based on the requirement. The Board of Directors of the Bank in the meeting held on June 29, 2020 has accorded approval for the same.

Indian Bank was established as a part of the Swadeshi movement. The Bank provides a wide spectrum of banking products and services.