The Hindu Business Line : Price band for Indian Bank IPO at Rs 77-91

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Chennai Jan. 20 Indian Bank's initial public offering of 8.6 crore shares will be open for public subscription between February 5 and 9, the bank announced on Saturday.

The price band has been fixed between Rs 77 and Rs 91 for each share of a face value of Rs 10.

The offer constitutes 20 per cent of the post-issue fully diluted paid-up equity capital of the bank.

Post-IPO, the Government will hold 80 per cent in the bank's share capital.

The bank has reserved 10 per cent of the issue (86 lakh shares) for employees.

Sixty per cent is to be allotted to qualified institutional buyers.

Within the QIB portion, 5 per cent is reserved for mutual funds. The balance 30 per cent is open to retail investors.

The public sector Indian Bank is celebrating its centenary year this year.

It has 1,408 branches across India, apart from one each in Colombo and Singapore.

As of September 30, 2006, the bank had deposits of Rs 43,255 crore and advances of Rs 25,007 crore. Its net profit was Rs 490 crore for 2005-06 and Rs 334 crore for the first half of the current year.

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