Indian Bank Share Issue: State-Owned Lender Raises 40 Billion Rupees through Institutional Placement

2023-12-12 13:06:00

State-owned Indian Bank has launched a share issue to institutional investors at a floor price of Rs 414.44 per share, the lender said on Tuesday.

The bank in August approved the raising of 40 billion rupees ($479.92 million) through a placement of shares with qualified institutions.

Indian Bank did not provide further details on the share issue on Tuesday.

The issue comes days following state-owned Peer Bank of India’s 45 billion rupees share sale, which was oversubscribed more than four times.

Shares of India’s state-owned lenders have hit record highs this year, with Indian Bank’s more than 53% rise outpacing the Nifty PSU Bank index’s nearly 29% rise.

Shares of Indian Bank ended up 1.5% on Tuesday.

($1 = 83.3470 Indian rupees)

1702391732
#Indian #Bank #launches #share #sale #institutional #investors #December #p.m

Leave a Replay