Indian Bank has informed that its board has approved the plan to raise funds. The bank has informed the stock market about this plan after the market closed. The bank will use this money to finance infrastructure and affordable housing projects. Indian Bank's stock closed with a gain of more than one percent in Thursday's trading. The impact of the news can be seen on the stock in Friday's trading.

What information has the bank given

In the information sent to the stock market, the bank said that in the meeting held on September 26, the Board of Directors has approved raising Rs 5000 crore through long term infrastructure bonds. According to the bank, this amount is over and above the Rs 5000 crore raised by the bank so far in FY 2025. According to the bank, this amount will be raised in one or more installments in the current or next financial year, which will be decided based on the need for funds. The money of this amount will be used to finance or refinance infrastructure projects or affordable housing projects. How was the performance of the stock? In Thursday's trading, Indian Bank's stock closed at 531.65 with a gain of more than one percent. During the session, the stock reached a high of 534. The highest level of the year is 626 and the lowest level of the year is 391. On September 12 itself, MK Global had issued its investment advice regarding the stock. The brokerage house has given a target of 675 for the stock. That is, the stock is expected to rise by 27 percent from here.