Hot Pursuit     28-Aug-23
Indian Bank gains as board to mull raising Rs 4,000 cr
Indian Bank rose 1.87% to Rs 402.35 after the bank said that a meeting of directors is scheduled on 30 August 2023 to consider the modes/modalities of raising the equity capital within the limit of Rs 4,000 crore (including premium).
The public sector bank may raise equity capital of the bank through QIP/FPO/rights issue or in combination thereof.

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

The bank's net profit jumped 41.1% to Rs 1,849.68 crore on 25.4% rise in total income to Rs 14,921.43 crore in Q1 FY24 over Q1 FY23.

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