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Saturday, September 22, 2012

Indian Bank may raise capital through FPO

Indian Bank may come out with a follow-on public offer (FPO) next fiscal if market conditions improve, a top official said. "We do not require capital immediately...we may go in for FPO in the next fiscal (2013-14)," the state-owned bank's Chairman and Managing Director T M Bhasin told PTI.

Talking about overseas expansion plan, Bhasin said the bank plans to open a branch in Hong Kong. The bank has already sought regulatory permissions for opening its office in Hong Kong.

Indian Bank has three foreign branches at Singapore and Colombo and Jaffna in Sri Lanka.
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