Indian Bank stock ends higher on raising Rs1,650cr from QIP issue

The bank has board approval to raise up to Rs4,000cr in equity.

Jun 25, 2021 04:06 IST India Infoline News Service

Indian Bank shares ended higher after the bank's committee of directors on capital raising on Thursday approved the closure of qualified institutions placement (QIP) issue.

The bank said in a regulatory filing that it has raised Rs1,650cr by selling shares to institutional investors at Rs142.15 apiece, the bank.

The bank has board approval to raise up to Rs4,000cr in equity.

The bank raised the capital at the floor price of Rs142.15 fixed a couple of days back, without offering any discount to investors. Market regulator Securities & Exchange Board of India allows issuers to offer up to a 5% discount on the floor price.

The stock ended at Rs148.35 up by Rs0.95 or 0.64% from its previous closing of Rs147.40 on the BSE. The scrip opened at Rs147.40 and touched a high and low of Rs151 and Rs146.95 respectively.

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