New Delhi: State-owned Indian Bank on Monday said it plans to raise about Rs 5,000 crore through bonds to fund its business growth.

The decision to raise funds was taken in its board meeting held on Monday.

“The board of directors in its meeting accorded approval to raise Basel III compliant tier-1 and/or tier-2 bonds up to Rs 5,000 crore in one or more tranches in current or subsequent financial years based on the requirement,” India Bank said in a regulatory filing.

Last week, Indian Bank had reported widening of net loss at Rs 217.74 crore for the March quarter of 2019-20 due to higher provisions.

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