Indian Bank OKs sale of Rs. 20 billion long-term bonds in tranches

By Sarah Lizee

Olympia, Wash., Sept. 21 – Indian Bank notified the Bombay Stock Exchange that it plans to price up to Rs. 20 billion of seven-year long-term bonds in tranches out of the Rs. 50 billion issue previously approved on May 5.

Proceeds will be used to finance infrastructure and affordable housing.

Indian Bank is a state-owned financial services company based in Chennai, India.

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