Indian Bank Launches QIP To Raise Rs 4,000 Crore

Indian Bank has launched its qualified institutional placement to raise up to Rs 4,000 crore.

The company's board has set the floor price for the issue at Rs 414.44 apiece, a discount of 5.28% from its previous close on the NSE.

In its meeting held on May 8, the board approved raising up to Rs 4,000 crore.

The company informed that it may, at its discretion, offer a discount of not more than 5% on the floor price.

On Dec. 11, Jammu and Kashmir Bank Ltd. had also launched its QIP to raise up to Rs 750 crore. The floor price for the issue was decided by the board at Rs 112.66 apiece.

Earlier, the Bank of India had raised funds of up to Rs 4,499 crore through the QIP at an issue price of Rs 100.20 apiece.