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Indian Bank plans to launch FPO this fiscal

26 Apr 2017 Evaluate

Indian Bank is planning to come out with a follow-on public offer (FPO) this fiscal to reduce the government’s shareholding to less than 75 per cent from 82 per cent now. The Bank is expected to issue 4.75 crore equity shares through the proposed FPO. Post-FPO, Capital to Risk Weighted Assets Ratio (CRAR) of the Bank will be above 15-16 per cent (13.64 per cent now).

The Bank may also raise Basel-III compliant additional Tier-1 (AT-1) bonds during this fiscal. It will be in excess of RS 1,000 crore. The Bank has planned to grow its business to Rs 3.5 lakh crore this year from Rs 3.14 lakh crore in FY17.

The Bank posted over 3-fold jump in its net profit at Rs 319.70 crore for the quarter ended March 31, 2017 as compared to Rs 93.62 crore for the same quarter in the previous year. Total income of the Bank increased marginally by 1.75% at Rs 4601.89 crore for quarter under review as compared to Rs 4522.73 crore for the quarter ended March 31, 2016.

Indian Bank Share Price

938.95 -1.75 (-0.19%)
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Peers
Company Name CMP
SBI 1080.35
PNB 114.50
Canara Bank 142.35
Bank Of Baroda 280.00
Union Bank Of India 188.90
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