Indian Bank has received its shareholders’ approval to issue equity shares to bring down the government’s shareholding in line with the Security and Exchange Board of India’s (SEBI) norms. The approval was taken at the Bank's Annual General Meeting, held at Chennai on June 13, 2017. The bank is planning to go for Follow-on Public Offer/Rights Issue/Qualified Institutional Placement/Preferential Issue/Private Placement.
The Centre currently holds 82.10 per cent of the Bank’s equity capital. In order to enhance the public shareholding to at least 25 per cent, Bank had proposed to issue further 4.75 crore equity shares of face value of Rs 10.
