The Hindu Business Line : Indian Bank IPO in September

INDIAN Bank has proposed to come out with an IPO later this year. The Government's stake in the bank, now at 100 per cent, will be reduced to 70 per cent after the offer.

Indian Bank expects to mobilise substantial Tier I capital with the maiden issue. It will subsequently try to raise Tier II capital with a bond issue as well.

The bank, which now has a capital adequacy of over 14 per cent, managed to raise Rs 300 crore last year by way of Tier II capital.

"We plan to do this (that is, make the maiden offer) in September", stated Mr M.B.N. Rao, CMD of the bank.

Indian Bank, which has recorded a total business of roughly Rs 55,000 crore last year, expects to meet higher growth targets in the current fiscal. A 20 per cent increase in business is expected.

Last year, its business grew by 18 per cent or so, while operating profit improved by nearly 20 per cent. Net profit, which stood at over Rs 400 crore, too moved up.

The bank on Friday flagged off a new branch in Salt Lake, Kolkata. It further opened six additional ATMs. Mr Rao also met Mr Buddhadeb Bhattacharjee, Chief Minister of West Bengal.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Salem Steel, Calcutta Mint may make Bangladesh taka

Rupee range-bound; bond market listless

Karur Vysya net dips to Rs 105 cr

BHW Birla records 136% growth in disbursements

Royal Sundaram Insurance posts 33 pc drop in profits

Soiled notes exchange counter at UTI Bank (Begumpet)

HDFC Bank to focus on `quality' growth

Canara Bank to open one more branch in Mumbai

Bangladesh bank team visits SBH

SBI, Corpn Bank in ATM pact

HSBC has big plans for India — Insurance venture, NBFC foray, outsourcing centre on cards

Indian Bank IPO in September