Chennai-based Indian Bank is seeking to raise more than $290.47 million in a follow-on public offer (FPO), Financial Chronicle reports. Around 61.40 million fresh equity shares will be offered at $0.22 per share.
The bank also has an option of raising $1.39 billion via tier two bonds. The FPO will result in a 10% reduction of stake owned by the Indian Government in the bank, decreasing its ownership from 80% to 70%.
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