The bank's board will mull fund raising through qualified institutional placement (QIP) / follow-on public offer (FPO) /rights issue and/or in combination thereof.

On the same day, the board will also consider financial results for the quarter and year ended 31 March 2023, as well as the dividend for the FY23.

Separately, the public lender said that the Central Government has appointed Ashutosh Choudhury as executive director of the bank for a period three years with effect from the date of the assumption of office or until further orders, whichever is earlier, it added.

Accordingly, Choudhury has assumed the office of executive director of the bank on 3 May 2023.

Ashustosh Choudhury is an MBA professional and is also a Certified Associate of Indian Institute of Bankers. He has a banking experience of more than 2 decades. Prior to joining Indian Bank, he was serving as chief general manager & Group CRO of Punjab National Bank. He has also served as director in the board of PNB Gilts, a subsidiary of PNB, functioning as primary dealer (PD) in Indian capital & debt market.

Indian Bank is a public sector bank. The Government of India held 79.86% stake in the bank as on 31 March 2023.

The bank reported 102.36% jump in standalone net profit to Rs 1,395.76 crore on 18.02% rise in total income to Rs 13,550.68 crore in Q3 FY23 over Q3 FY22.

Shares of Indian Bank declined 0.31% to Rs 333.50 on the BSE.