The private bank plans to arrange funds via borrowing or raising funds in Indian or foreign currency. The same is being proposed to be done via issue of debt securities.
These debt securities will include but not limited to non-convertible debentures, bonds, Medium Term Notes (MTN), etc.
The amount to be raised was not disclosed in the filing made to the exchanges.
Also read: Indian Overseas Bank and Central bank to be privatised?
The decision is subject to the approval of shareholders.
The filing of this decision with the exchanges was done at 10:43 am today. The markets reacted positively to this disclosure by the company. The stock rose and ended about 10% higher than the previous day’s close.
Also read: Bajaj Finance stock price down 4% on asset quality concerns
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