Indian Bank's Strategic Move to Strengthen Financial Base

In a significant development, Indian Bank has received the green light from its Annual General Meeting (AGM) to raise up to Rs 5,000 crore. This capital infusion is planned through Qualified Institutional Placement (QIP), follow-on public offers (FPO), rights issue, or a combination of these methods, executed in one or more tranches.

The approval was a highlight of the bank's AGM held in June, with the details being disclosed to the stock exchange recently. This move follows the board's decision in May to explore avenues for raising capital to the tune of Rs 5,000 crore.

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