Indian Bank to file initial FPO papers in July: CMD

Indian Bank to file initial FPO papers in July - CMD

May 17, 2011 / 16:35 IST

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State-run lender Indian Bank will file initial papers for its follow-on public offer (FPO) in the second week of July and hopes to hit the market by end of August or early September, a top official said.

The bank has received approval from the government and the central bank to sell 61.4 million shares, chairman and managing director, T.M. Bhasin told Reuters on Tuesday.

Also read: Indian Bank gets govt nod for FPO

Shares of the bank ended at Rs 225.70, down 2% from previous close in a weak Mumbai market. At that price the issue would be valued at USD 306.6 million.

first published: May 17, 2011 04:23 pm

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