New Delhi, Dec 14 (PTI) Indian Bank on Monday said it has raised Rs 560 crore by issuing Basel III compliant bonds on private placement basis.

The bank on date has further raised tier 1 capital fund through private placement of Basel III compliant AT 1 (additional tier 1) perpetual bonds aggregating to Rs 560 crore, Indian Bank said in a regulatory filing.

Also Read | Outside the Wire Teaser: Anthony Mackie Is an Android Milliatry Officer in This High-Octane Actioner (Watch Video).

The coupon on the bonds was 8.44 per cent per annum payable annually.

"The issuance/placement of said bonds has been completed by the bank through BSE-EBP (bond platform)," it added.

Also Read | Budget 2021: CII Recommends 3-Pronged Strategy for Budget.

Stock of Indian Bank jumped 11.77 per cent to close at Rs 95.90 apiece on BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)