Indian Bank plans to raise $1 bn in FY12: Source

MUMBAI: State-run Indian Bank plans to raise up to $1 billion in fiscal 2012 that ends in March and is in talks with arrangers for the first tranche, which it expects in three to four months, a senior bank executive told Reuters.

"We are looking overseas as funds are available at favourable rates. We are examining various possibilities. The exact quantum will depend upon the market appetite," said the executive, who did not wish to be identified.

The bank has already received government approval to sell 61.4 million shares in a follow-on public offer. The lender did not disclose the issue size but several local media reports have pegged it at 13 billion rupees ($290.5 million) to 15 billion rupees.

Source: EconomicTimes