Indian Bank stock gains after receiving FPO nod

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Indian Bank stock gains after receiving FPO nod
Post receiving of the green signal from the government, the Indian Bank in relation to its proposal of raising additional equity capital via follow-on public offer, the shares of the bank witnessed a hike by 3%.

Company"s scrip also reached an early high of R. 230.80 on Bombay Stock Exchange whereas during the previous close it stood around Rs. 224.05, that is it went through a rise of almost 3%.

The bank has received the approval of Government of India to raise an equity capital of Rs. 61.40 crore through follow-on public offer, comprising Rs. 6.14 crore equity shares of Rs 10 each.

It has already announced the audited results for 2010-11 on 23 April, 2011 and plans to hit the market in August 2011, considering the prevailing market conditions. The scrip of the bank also went up on National Stock Exchange by around 2.71% standing at Rs. 230.95.

Presently, the bank"s equity capital is around Rs. 429.77 crore and out of this amount Rs. 343.82 crore is held by Govt. of India and Rs. 85.95 crore is with individual investors.

Read more about: indian bank, fpo, results, bse
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