Indian Bank launches Rs 4,000-crore QIP; shares rise

Indian Bank share price, Indian Bank QIP news: Indian Bank shares rose on Wednesday after the Chennai-headquartered public sector bank launched a qualified institutional placement (QIP) worth up to Rs 4,000 crore at a floor price of Rs 414.4 apiece. The stock of Indian Bank gained as much as three per cent to Rs 450.7 apiece on NSE,  coming within Rs 12.35 of a 52-week high registered in mid-November. The QIP's floor price implies a discount of 5.2 per cent to the previous close. 

The company's board will meet on December 15 to decide on the issue price of equity shares. 

"Committee of Directors (Capital Raising) (“Committee”) of the Bank is scheduled to be held on December 15, 2023, inter alia, to consider and approve the Issue Price of Equity Shares, to be issued and allotted pursuant to the proposed Qualified Institutions Placement of Equity Shares of Rs.10.00 each, including discount on the Floor Price, if any, calculated in accordance with the SEBI ICDR Regulations and approved by the Shareholders pursuant to a Special Resolution dated June 19, 2023," the lender said in a regulatory filing.

What does Indian Bank do?

Incorporated on March 5, 1907, with an authorised capital of Rs 20 lakh, Indian Bank commenced its business on August 15, 1907. The bank's global business crossed Rs 11.33 lakh crore in Q2 FY24.

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