Indian Bank raises Rs 5,000 crore via long-term infrastructure bonds
Summary
State-run Indian Bank has raised Rs 5,000 crore through the issuance of long-term infrastructure bonds. The bank accepted bids for Rs 5,000 crore at a coupon rate of 7.24 per cent per annum. The bank said that the private placement of long-term infrastructure bonds received an overwhelming response at 2.74 times the total issue size. Click here to connect with us on WhatsAppThis strategic move is part of Indian Banks efforts to mobilise resources for credit growth and refinancing of infrastructure projects. The funds raised through these securities are exempted from the regulatory requirement of maintaining Statutory Liquidity Ratio (SLR) and Cash Reserve Ratio (CRR).These bonds are senior, rated, listed, unsecured, redeemable, long-term fully paid-up non-convertible bonds, having a fixed maturity of 10 years from the date of allotment.