Indian Bank share price rises after Crisil revises infrastructure bonds ratings to 'stable'

Crisil has reaffirmed its 'outstanding' rating on the bank's outstanding/proposed Tier 1, Tier 2 and Infrastructure Bonds and revised the outlook to 'stable' from 'negative', the state-owned lender has said.

March 04, 2021 / 09:59 AM IST
Indian Bank | CRISIL revised bank's Tier 1, Tier 2 and Infrastructure Bonds' ratings to 'stable' from 'negative'.

Indian Bank | CRISIL revised bank's Tier 1, Tier 2 and Infrastructure Bonds' ratings to 'stable' from 'negative'.

 
 
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Indian Bank share price gained over a percent in the morning session on March 4 after Crisil revised bank's Tier 1, Tier 2 and Infrastructure Bonds' ratings to "stable" from "negative".

"In terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we have to inform you that Crisil Ratings Ltd has reaffirmed their outstanding rating on Bank's outstanding/proposed Tier 1, Tier 2 and Infrastructure Bonds and has revised their outlook to stable from negative," the state-owned bank told exchanges.

CRISIL AA-/ rating watch with positive implications, pertaining to Tier 2 Bonds of erstwhile Allahabad Bank has been withdrawn. Following the amalgamation of Allahabad Bank into Indian Bank, the Tier 2 Bonds of e-AB had become outstanding Tier 2 Bonds of Indian Bank with effect from April 1, 2020, the company said.

The stock was trading around Rs 141.90, up Rs 2.45, or 1.76 percent at 0933 hours. It has touched an intraday high of Rs 143 and an intraday low of Rs 138.50.

Indian Bank also said it held an extra-ordinary general meeting (EGM) on March 2 to seek shareholders' nod for raising equity capital up to Rs 4,000 crore through various means.

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"The resolution seeks to enable the bank to create, offer, issue and allot equity shares by way of follow on public offer and/or on a private placement basis or any other mode approved by GOI and RBI. The issue proceeds will enable the Bank to strengthen its capital base to support growth," it said.

The fund raising plan was cleared by the board in January for further approvals,
Moneycontrol News
first published: Mar 4, 2021 09:59 am

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