Indian Bank Raises Rs 4,000 Crore Via QIP

Indian Bank has raised Rs 4,000 crore through qualified institutional placement at an issue price of Rs 394 apiece.

Pursuant to the receipt of application forms for an aggregate of 10.15 crore equity shares of face value Rs 10 each of the bank, the company informed about the development in its exchange filing.

The issue price indicates a discount of 4.9% to the floor price of Rs 414.44 per share.

The bank had launched its qualified institutional placement to raise up to Rs 4,000 crore on Dec. 12.

The company also approved and finalised the confirmation of the allocation note to be sent to the QIP investors.

Shares of Indian Bank closed 0.77% lower at Rs 452.90 apiece on the NSE, as compared with a 1.29% advance in the benchmark Nifty 50.