The board has approved “raising equity capital aggregating up to Rs 4,000 crore through Qualified Institutions Placements (QIPs)/Follow on Public Offer (FPO)/ Rights Issue or in combination thereof subject to approval of Government of India, Reserve Bank of India,” the bank said in a regulatory filing.
Besides, the board has also given approval for raising another Rs 3,000 crore through bonds.
The filing further said the board approved “raising AT 1/Tier 2 Capital aggregating up to Rs 3,000 crore through issuance of Basel III Compliant AT1/Tier 2 Bonds in one or more tranches during the current or subsequent financial years based on the requirement”.
Meanwhile, the Chennai-based bank reported more than doubling of its profit at Rs 514.28 crore for the third quarter ended December 2020 as against Rs 247.16 crore in the same quarter a year ago.
Total income during the quarter under review was Rs 11,421.34 crore, up from Rs 6,505.62 crore in the same period a year ago.