Indian Bank will allot 1.54 crore equity shares of face value ₹10 each at an issue price of ₹181.31 (including premium of ₹171.31) a share, aggregating to ₹280 crore to the Government on preferential basis.
The issue is pursuant to the decision of the Centre to infuse further capital, says a release from the bank.
Consequently, the holding of the Centre will increase to 39.43 crore equity shares, representing 82.10 per cent of the bank’s paid-up capital from the present 81.51 per cent.
Following this preferential issue, the bank’s capital adequacy under Basel III would be 13.32 per cent against the current 13.06 per cent.