Indian Bank Successfully Raises Rs 5,000 Crore Through Infrastructure Bonds

Indian Bank has successfully raised Rs 5,000 crore through 10-year infrastructure bonds at a 7.15% coupon rate. The bank received multiple bids over its intended amount with ratings of 'AAA' by CARE and CRISIL. Allotment of bonds is set for March 24, 2023.

Indian Bank has announced the successful raising of Rs 5,000 crore through a 10-year infrastructure bond issue. The bonds were issued at a 7.15% coupon rate, attracting significant interest from market participants.

The state-owned lender received several bids, surpassing its targeted amount, including a notable cumulative bid of Rs 5,075 crore. Bids were also placed at rates of 7.13% and 7.14% for smaller amounts, indicating strong market confidence.

Rated 'AAA' with a 'Stable' outlook by CARE and CRISIL, the bonds demonstrate robust investor confidence. The allocation of the bonds is scheduled for March 24, marking a significant milestone in Indian Bank's financial strategy.

(With inputs from agencies.)