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Shares of Indian Bank rose by 5.90 per cent on the BSE on Friday after the company received the government’s approval to raise additional equity capital through a follow-on public offer.
Cheering the news, the scrip of the company touched an early high of Rs 240.70, from the previous close of Rs 224.05 on the Bombay Stock Exchange (BSE).
With today’s gain, the stock managed to halt the losing streak it suffered in the previous three trading sessions.
On the National Stock Exchange, the scrip went up by 5.20 per cent to close at Rs 236.55.
The bank yesterday said it has received the government’s approval to raise an additional equity capital of Rs 61.40 crore through FPO, which is likely to hit the market by August.
With the raising of Rs 61.40 crore additional equity the government’s stake will go down to 70 per cent, the bank had said.
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