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Indian Bank to decide on raising Rs 7,000 crore in Q2: MD

In December 2017, the bank's Board accorded approval to raise equity capital upto Rs 7,000 crore in one or more tranches in the current or subsequent financial years based on requirement through FPO, private placement, QIP/rights issue/preferential issue/institutional placement programme.

Indian Bank to decide on raising Rs 7,000 crore in Q2: MD

Chennai: State-owned Indian Bank will take a call on raising Rs 7,000 crore during the second quarter of the current financial year, its Managing Director and CEO Padmaja Chunduru said Tuesday.

"We have received approval to raise upto Rs 7,000 crore. We will decide about it during the second quarter," she told PTI here.

In December 2017, the bank's Board accorded approval to raise equity capital upto Rs 7,000 crore in one or more tranches in the current or subsequent financial years based on requirement through FPO, private placement, QIP/rights issue/preferential issue/institutional placement programme.

To a query whether the bank has chalked out plans to reduce Non-Performing Assets, she said the target was to bring it down to less than three percent.

Gross NPA of the bank reduced to 7.11 percent at the end of March 2018 while net NPA was at 3.75 percent.