Indian Bank acquires 7.14% stake in PSB Alliance for Rs1.12cr; Stock gains over 1%

28 Jan 2022 , 10:15 AM

Indian Bank has subscribed to 100 equity shares of the face value of Rs1 lakh each at Rs1,11,791/- per equity share for a 7.14% stake in PSB Alliance Pvt. Ltd. (Formerly Known as CORDEx India Pvt. Ltd.) at a consideration of Rs1.12cr. The transaction is expected to be completed in the current financial year.

PSB Alliance is an umbrella setup of all Public Sector Banks, jointly offering important customer-oriented services envisaged by Govt. of India under EASE of Banking reforms.

At around 10.20 am, Indian Bank was trading at Rs147.85 per piece up by Rs1.95 or 1.34% from its previous closing of Rs145.90 per piece on the BSE.

The scrip opened at Rs147.10 and has touched a high and low of Rs149.80 and Rs146.45 respectively.