Hot Pursuit     30-Aug-23
Indian Bank board OKs Rs 4,000-cr QIP issue
Indian Bank informed that its committee of directors approved raising of equity capital aggregating upto Rs 4,000 crore through qualified institutions placement (QIP).
The funds will be raised in one or more tranches, subject to all statutory and regulatory approvals, stated the bank.

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.

The scrip declined 3.01% to Rs 379.80 on the BSE.

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