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Indian Bank FPO may come up by October 2011

The proposed Follow-on Public Offer of Indian Bank may hit the markets by October 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. Indian Bank has not yet filed the Draft Red Herring Prospectus (DRHP) with SEBI for its proposed FPO and has also not decided on the appointment of lead managers for the offer as yet


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


Check back Indian IPO Blog for the latest updates on Indian Bank FPO!

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