On Tuesday, Indian Bank's stock jumped more than 3% after the bank announced the commencement of its qualified institutional placement program (QIP).
The committee of directors on capital raising approved and authorized the opening of the QIP on June 21, according to a regulatory filing by Indian Bank. The committee decided on a Rs 142.15 per equity share floor price for the QIP.
Indian Bank QIP Details
The state-owned Indian Bank has announced a qualified institutional placement (QIP) of shares with a floor price of Rs 142.15 per share to raise around Rs 4,000 crore.
The floor price for an issue is the lowest price at which an offer cannot be made. "The bank may, at its discretion, grant a reduction of up to 5% on the floor price in the QIP in compliance with the special decision of the shareholders," the bank said.
Indian Bank Details
Market Cap of Indian Bank is Rs 17.05TCr. The bank stock has given returns of 134% in the past year. The Bank's dividend yield stands at 1.32%. In comparison to the Nifty Midcap 100, which returned 43.17 percent over three years, the stock returned -57.79 percent.
Shares of Indian Bank were trading at Rs 151.05, up 3.82% on NSE at 10.24 am IST. IT touched an intra-day high of Rs 153.30 during the trade.