Indian Bank FPO likely by October
State-owned Indian Bank on Tuesday said it will sell 61.4 million shares through a follow-on public offer (FPO), which is likely to hit the market in October.
By PTI | Updated:
MUMBAI: State-owned Indian Bank on Tuesday said it will sell 61.4 million shares through a follow-on public offer (FPO), which is likely to hit the market in October.
"We have received Government approval (for FPO). We are confident of hitting the market by October 2011," Indian Bank Chairman and Managing Director T M Bhasin told reporters here.
"The bank will sell 61.4 million shares with a face value of Rs 10 through the FPO," he said, adding, the premium for the offer will be decided later.
The Chennai-headquartered bank will file its DRHP with the market regulator Securities and Exchange Board of India (Sebi) by June-end, Bhasin said, adding, the public sector lender has not decided on the appointment of lead managers for the offer as yet.
The bank plans to use the fund to boost its Tier-I capital which stood at 11.02 per cent at the end of March, 2011.
Besides, Indian Bank, in which the government holds 80 per cent, also plans to raise USD 1 billion through overseas bonds to fund business growth. "We plan to raise up to USD 1 billion from bonds by October this year," Bhasin said.
The medium-term note (MTN) programme was approved by the bank's Board recently.
"We have received Government approval (for FPO). We are confident of hitting the market by October 2011," Indian Bank Chairman and Managing Director T M Bhasin told reporters here.
"The bank will sell 61.4 million shares with a face value of Rs 10 through the FPO," he said, adding, the premium for the offer will be decided later.
The Chennai-headquartered bank will file its DRHP with the market regulator Securities and Exchange Board of India (Sebi) by June-end, Bhasin said, adding, the public sector lender has not decided on the appointment of lead managers for the offer as yet.
The bank plans to use the fund to boost its Tier-I capital which stood at 11.02 per cent at the end of March, 2011.
Besides, Indian Bank, in which the government holds 80 per cent, also plans to raise USD 1 billion through overseas bonds to fund business growth. "We plan to raise up to USD 1 billion from bonds by October this year," Bhasin said.
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The medium-term note (MTN) programme was approved by the bank's Board recently.
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