Indian Bank launches share sale to institutional investors

Indian Bank

12/12/2023 12:59

BENGALURU, Dec 12 (Reuters) - State-run Indian Bank
 INBA.NS  has launched a share issue to institutional investors
at a floor price of 414.44 rupees per share, the lender said on
Tuesday.
    The bank in August approved raising up to 40 billion rupees
($479.92 million) through a qualified institutions placement of
shares. 
    Indian Bank did not give further details of the share issue
on Tuesday.
    It comes days after state-owned peer Bank of India's
 BOI.NS  45 billion rupees share sale, which was oversubscribed
by more than four times. 
    Shares of Indian state-owned lenders  .NIFTYPSU  have
touched record highs this year, with Indian Bank's jump of more
than 53% outperforming a near 29% rise in the Nifty PSU Bank
index.
    Indian Bank shares ended 1.5% higher on Tuesday.

($1 = 83.3470 Indian rupees)

 (Reporting by Hritam Mukherjee in Bengaluru; Editing by Devika
Syamnath)
 ((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))