Indian Bank differs FPO

Indian Bank differs FPO

Mumbai: Chennai based Indian Bank has deferred its follow-on public issue because of adverse market conditions, chairman and managing director TM Bhasin said on Tuesday.

"We have already got the government as well as RBI approval but the market conditions are not good so we have deferred the offer," Bhasin said adding that with a capital adequacy of 13.56% the bank is in no hurry to raise money now.

Government of India owns 80% of the bank shares.

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