Indian Bank launches QIP today; floor price at Rs 414.44/share

Indian Bank shares ended 1.5% higher on Tuesday.

State-run Indian Bank has launched a share issue to institutional investors at a floor price of 414.44 rupees per share, the lender said on Tuesday.

The bank in August approved raising up to 40 billion rupees ($479.92 million) through a qualified institutions placement of shares.

Indian Bank did not give further details of the share issue on Tuesday.

It comes days after state-owned peer Bank of India’s 45 billion rupees share sale, which was oversubscribed by more than four times.

Shares of Indian state-owned lenders have touched record highs this year, with Indian Bank’s jump of more than 53% outperforming a near 29% rise in the Nifty PSU Bank index.

Indian Bank shares ended 1.5% higher on Tuesday.

($1 = 83.3470 Indian rupees)