2023-12-12 13:06:00
State-owned Indian Bank has launched a share issue to institutional investors at a floor price of Rs 414.44 per share, the lender said on Tuesday.
The bank in August approved the raising of 40 billion rupees ($479.92 million) through a placement of shares with qualified institutions.
Indian Bank did not provide further details on the share issue on Tuesday.
The issue comes days following state-owned Peer Bank of India’s 45 billion rupees share sale, which was oversubscribed more than four times.
Shares of India’s state-owned lenders have hit record highs this year, with Indian Bank’s more than 53% rise outpacing the Nifty PSU Bank index’s nearly 29% rise.
Shares of Indian Bank ended up 1.5% on Tuesday.
($1 = 83.3470 Indian rupees)
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