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Indian Bank raises 1,650 crore via QIP

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Indian Bank

In March this year, the committee of directors of capital raising of the bank (committee) had accorded approval for raising equity capital aggregating up to 4,000 crore through QIP in one or more tranches

State-owned Indian Bank on Thursday said it has raised 1,650 crore through the QIP launched earlier this week.

In March this year, the committee of directors of capital raising of the bank (committee) had accorded approval for raising equity capital aggregating up to 4,000 crore through QIP in one or more tranches.

The 4,000 crore capital mop-up through a qualified institutions placement (QIP) of shares had opened for subscription on June 21, 2021.

"The committee of directors of capital raising (committee) in its meeting held on June 24, 2021, approved the closure of the issue for the issue today (June 24, 2021) subsequent to the receipt of applications forms for an amount aggregating to 1,650 crore from eligible qualified institutional buyers (QIBs), which was opened on June 21, 2021," Indian Bank said in a regulatory filing.

The committee determined and approved the issue price of 142.15 per equity share to be allotted to the eligible QIBs in the issue, it added. Shares of Indian Bank closed at 147.40 apiece on BSE, down 1.27 per cent.

This story has been published from a wire agency feed without modifications to the text.

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