State-owned Indian Bank on Tuesday said its committee of directors has given approval for raising up to Rs 4,000 crore through share sale.
Indian Bank said that the Committee of Directors has accorded approval for raising of equity capital of the bank aggregating up to Rs 4,000 crore (including premium) through qualified institutions placement (QIP) in one or more tranches. The fund raising would be subject to all statutory and regulatory approvals, it said.
The announcement was made after market hours yesterday, 9 March 2021. Shares of Indian Bank fell 2.94% to settle at Rs 135.30 yesterday.
Indian Bank is a public sector bank. The Government of India held 88.06% stake in the bank as on 31 December 2020.
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