Indian Bank, a public sector lender has received its shareholders' approval for allotment of 15.4 million equity shares of Rs 10 face value at an issue price of Rs 181.31 a share to the Government of India (GOI) on preferential basis.
The issue is pursuant to the Centre's decision to infuse capital of Rs 280 crore in the bank by way of preferential allotment of equity in its favour. Following the issue, the holding of the government of India will increase to 39.43 crore equity shares, representing 82.10% of the bank's paid-up capital against the present level of 81.51%.
Indian Bank has registered a rise of 4.92% in its net profit at Rs 277.52 crore for third quarter ended December 31, 2014 as compared to Rs 264.5 crore for the same quarter in the previous year. Total income of the bank has increased 5.09 % at Rs 4321.46 crore for Q3FY15 as compared Rs 4112.33 crore for the corresponding quarter previous year.
