Indian Bank's board okays proposal to infuse Rs 280 cr funds

The board of state-run Indian Bank has given its approval for the government proposal to infuse Rs 280 crore through preferential allotment of equity shares.
"The Board of Directors in its meeting held today approved the proposal to infuse capital to the tune of Rs 280 crore by way of preferential allotment of equity in favour of Government of India," Indian Bank said.
Government of India holds 81.51 per cent stake in Indian Bank, which was established in 1907 as part of the Swadeshi movement.
As part of seeking shareholders' approval, the bank's board has decided to convene an Extraordinary General Meeting (EGM) for obtaining their approval on March 23, it said.

Indian Bank reported a 4.9 per cent rise in net profit at Rs 277.54 crore for the third quarter ended December 2014.
"The bank has posted a net profit of Rs 277.54 crore for the quarter ended December 31, 2014 as compared to Rs 264.50 crore for the quarter ended December 31, 2013," it said.