Here's why Indian Bank shares have rallied over 5% today

Mumbai, Shares of Indian Bank surged over five per cent on Wednesday after the bank raised ₹1,048 crore through private placement of AT-1 perpetual bonds.

It has so far touched an intra-day high of ₹93.75 per share.

Around 10.40 a.m., its shares on the BSE were at ₹90.15, higher by ₹4.55 or 5.32 per cent from its previous close.

In a regulatory filing on Tuesday, the bank said: "The Bank on date has successfully raised Tier 1 Capital Fund through Private Placement of Basel III compliant AT-1 Perpetual Bonds aggregating to ₹1,048 crore at a coupon of 8.44 per cent p.a. payable annually."

The issuance or placement of the bonds has been completed by the bank through BSE-EBP, it added.

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