Indian Bank to open its IPO on February 5

Indian Bank to open its IPO on February 5

Indian Bank has said that they are coming out with their IPO of 8.59 crore equity shares of Rs. 10 each through the 100 per cent book-building process.

The issue would open on February 5 and the price band for putting in bids for the IPO has been fixed between Rs. 77 and Rs. 91 per share.

The bank is a 100-year-old public sector bank and their headquarters are located in Chennai. M. S. Sundara Rajan, Executive Director of the bank said in a statement that the offer constituted 20 per cent of the post issue paid-up capital of Rs. 429.77 crore.

The government would continue to hold 80 per cent of the bank’s equity capital after this issue. The shares of the bank would be listed on both the Bombay Stock Exchange and the National Stock Exchange.