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.
