Indian Bank rises on getting nod to raise Rs 4,000 crore via QIP
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Indian Bank is currently trading at Rs. 137.10, up by 1.80 points or 1.33% from its previous closing of Rs. 135.30 on the BSE.
The scrip opened at Rs. 138.60 and has touched a high and low of Rs. 139.00 and Rs. 136.25 respectively. So far 31136 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 156.90 on 18-Feb-2021 and a 52 week low of Rs. 41.70 on 25-Mar-2020.
Last one week high and low of the scrip stood at Rs. 143.95 and Rs. 134.10 respectively. The current market cap of the company is Rs. 15280.33 crore.
The promoters holding in the company stood at 88.06%, while Institutions and Non-Institutions held 5.28% and 6.66% respectively.
Indian Bank has received an approval for raising of equity capital of the bank aggregating up to Rs 4,000 crore (including premium) through qualified institutions placement (QIP) in one or more tranches. The fund raising would be subject to all statutory and regulatory approvals.
Following the QIP, the government holding in the bank will come down from the existing level. The government as the promoter of the bank holds 88.06 percent in the Chennai-headquartered Indian Bank. The Committee of Directors of the bank in its meeting held on March 9, 2021, has accorded approval for the same.
Indian Bank was established as a part of the Swadeshi movement. The Bank provides a wide spectrum of banking products and services.
