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Indian Bank FPO may hit the markets in mid 2011

The proposed Follow-on Public Offer of Indian Bank may hit the markets somewhere in June-July 2011. Indian Bank plans to raise around Rs.1500 crore through the FPO

Currently, the majority of the stake, about 80% is held by the Government, which is expected to come down to about 9% post the Follow-on Public Offer. Indian Bank is a premier bank owned by the Government of India, which was established on 15th August 1907 as part of the Swadeshi movement

Earlier, Indian Bank had come up with an IPO in 2007, which was subscribed 32.16 times on an overall basis with about 3.16 times subscription in the Retail Category

Stay tuned for the latest updates on Indian Bank FPO!

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