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.
- Country:
- India
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.
Google News