Indian Bank to raise Rs. 10 billion
May 19, 2011‐ Mumbai, Maharashtra, India
Media reports say that Indian Bank has shortlisted four banks to manage the public share sale that was planned by the bank. The Bank is considering raising at least Rs. 10 billion with this activity.
Kotak Mahindra Capital Co., SBI Capital Markets, Enam Securities Pvt. Ltd., and ICICI Securities Ltd. are the finalized investment bankers for the issue.
Reports way back in December 2010 say that the bank actually considered raising Rs. 16 billion by diluting equity of 10%. But if the recent reports are to be believed, the money to be raised will be Rs. 10 billion for now.
Banking rules in India insist that that minimum Tier-I capital adequacy ratio of 6% is to be maintained. The overall requirement is at 9%.
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