Indian Bank files DRHP, proposes for IPO

Chennai, Dec 2 (UNI) Indian Bank has filed its Draft Red Herring Prospectus (DRHP) with the Securities&Exchange Board of India (SEBI) with a proposal to enter the capital market.

Indian Bank proposes to offer 85,950,000 equity shares of Rs 10 each for cash at a premium to be decided through 100 per cent book-building process.

The offer will constitute 20 per cent of the post issue fully diluted paid up equity capital.

Indian Bank, which is celebrating its centenary year, as on September 30, 2006, had 1,408 branches in India spread over 26 states and three union territories besides a branch in Singapore and Colombo.

The Bank as on September 30, 2006 had over 18.1 million customers, a bank release here said.

UNI WS AJ 1952