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Indian Bank share price gains on launch of Rs 4,000 crore QIP

The floor price for the QIP has been set at Rs 142.15 per share.

June 22, 2021 / 09:45 AM IST
 
 
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Indian Bank share price rose 2 percent at open on June 22 after the state-owned bank launched its qualified institutional placement (QIP) of shares to raise around Rs 4,000 crore. The floor price for the QIP has been set at Rs 142.15 per share.

The committee of directors in its meeting held on June 21 approved and authorised the opening of the QIP on June 21, Indian Bank said in a regulatory filing.

Also Read: Indian Bank opens Rs 4,000 crore QIP issue; sets floor price at Rs 142.15/share

Further, a meeting of the committee is scheduled to be held on June 24, 2021, to consider and approve the issue price, including a discount for the equity share to be allotted to eligible qualified institutional buyers (QIBs), pursuant to the QIP, it said.

The stock was trading at Rs 148.15, up Rs 2.65, or 1.82 percent at 09:15 hours. It has touched an intraday high of Rs 148.15 and an intraday low of Rs 146.55.

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In March 2021, the committee of directors had accorded approval for raising equity capital aggregating up to Rs 4,000 crore through QIP in one or more tranches.

The lender had posted a net profit of Rs 1,708.85 crore in the March quarter. In FY21, the net profit of the bank stood at Rs 3,004.68 crore versus Rs 753.36 crore in FY20. The total income for the year was Rs 45,185.04 crore. Income in the preceding fiscal was at Rs 24,717.43 crore.

Net NPAs rose 3.37 percent to Rs 12,271.13 crore from 3.13 percent (Rs 6,184.24 crore).
Moneycontrol News
first published: Jun 22, 2021 09:45 am

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