The floor price is at a discount of 5.24% to the scrip’s previous day closing price of Rs 437.35 on the BSE.

The public sector bank further informed that a meeting of the securities committee is scheduled to be held on Friday, 15 December 2023, to consider and approve the issue price of the equity shares.

In its draft placement document filed with the bourses, Indian Bank stated: “Subject to compliance with applicable laws, our bank intends to utilize the net proceeds towards augmenting our bank’s Tier-I capital to meet additional requirement on account of capital conservation buffer and to support growth plans and to enhance the business of our bank.”

Indian Bank is a public sector bank. The Government of India held 79.86% stake in the bank as on 30 September 2023.

The bank reported 62% rise in net profit to Rs 1,987.76 crore in Q2 FY24 from Rs 1,225.22 crore in Q2 FY23. Total income increased by 26% year-over-year to Rs 15,736.23 crore in the second quarter.

The scrip shed 0.97% to currently trade at Rs 433.10 on the BSE.