Indian Bank announced that the committee of directors of the Bank at its meeting held on 09 March 2021 has accorded its approval for raising of equity capital of the Bank aggregating up to Rs 4000 crore (including premium) through qualified institutional placement in one or more tranches, Indian Bank said in a regulatory filing

The fundraising would be subject to all statutory and regulatory approvals, it said. Following the Qualified Institutional Placement  (QIP), the government holding in the bank will come down from the existing level. The government as the promoter of the bank holds 88.06 percent in the Chennai headquartered Indian Bank.

 The Bank said it is required to increase its public shareholding to at least 25 percent within a period of three years from August 3, 2018. Indian Bank on Friday reported a standalone net profit of Rs 514 crore in the third quarter of the current fiscal, helped by an improvement in the asset quality.

Shares of Indian Bank was last trading in NSE at Rs.135.35 as compared to the previous close of Rs. 139.50. The stock hit an intraday high of Rs. 141 and intraday low of 134 on Tuesday.

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