BANK NEWS

Indian Bank raises Rs. 5,000 Crores through issuance of Bonds

The issue received a strong response from investors with a total of 88 bids amounting to Rs. 13,680 Crores.

Indian Bank raises Rs. 5,000 Crores through issuance of Bonds

Chennai: Indian Bank, one of India’s leading public sector banks, raised Rs. 5,000 Crores through the issuance of Long-Term Infrastructure Bonds. The Bank received a total of 88 bids amounting to Rs. 13,680 Crores against the total issue size of Rs. 5,000 Crores (Base issue of Rs. 2,000 Crores and Greenshoe option to retain oversubscription up to Rs. 3,000 Crores). The Bank accepted bids for Rs. 5,000 Crores at a coupon of 7.24% p.a. The Bank said that the private placement of long-term infrastructure bonds received an overwhelming response at ~ 2.74 times of the total issue size.

This strategic move is part of Indian Bank's efforts to mobilize resources for credit growth and refinancing of infrastructure projects. The funds raised through these securities are exempted from 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. The allotment of these bonds took place today i.e., on 13th September 2024. The bonds are rated AAA with a Stable outlook by CRISIL and CARE.

Join PSU Connect on WhatsApp now for quick updates! Click here

Read Also : Defence Ministry inks Rs 1,990 crore contract with MDL

About Indian Bank

  • Founded on 15th August 1907, Indian Bank has 5846 domestic branches (including 3 DBUs), out of which 1983 are Rural, 1531 are Semi-Urban, 1173 are Urban & 1159 are in Metro category. The Bank has 3 overseas branches & 1 IBU.
  • The Bank has 5093 ATMs & BNAs and 11945 number of BCs.

Read Also : SAIL certified as Great Place to Work for the second time

Digital Banking:

  • Business of Rs 36,678 Cr has been generated through Digital Channels in Q1FY25. A total of 84 Digital Journeys, Utilities and Processes have been launched so far.
  • The number of Mobile Banking users has grown by 33% year over year, reaching 1.75 Cr.
  • UPI users and Net Banking Users have seen a 30% & 26% YoY increase respectively, reaching 1.85 Cr and 1.09 Cr respectively.
  • The credit card users increased by 40% YoY to 2.38 lakh, while the total number of Point of Sale (PoS) terminals has increased by 66% YoY, reaching a total of 21,656.

Read Also : REC Limited Commits Rs. 2.92 Crore Under CSR to Enhance ITBP Medical Infrastructure

News Must Read