Date:18/01/2004 URL: http://www.thehindu.com/2004/01/18/stories/2004011800651300.htm

Business

Indian Bank plans IPO next fiscal

By Our Staff Correspondent

KOLKATA, JAN. 17. Indian Bank plans to go in for an initial public offering (IPO) to raise Tier-I capital, now fully subscribed by the Centre, in the next fiscal. The bank will be raising Rs. 200-300 crore Tier-II capital during the residual period of this fiscal.

Addressing newspersons here today the Chairman-cum Managing Director, M. B. N. Rao, said the bank "is considering the option of venturing out in the capital market,'' during the next fiscal. The final decision would be taken following finalisation of road map for the fund requirement.

Mr. Rao said, "Though we are comfortable at the current capital adequacy of 12.85 per cent, we would like to enhance our asset base to grow further in the coming years. While there will be enough head room even after raising the Tier-II capital this fiscal, the decision on Tier-I capital would be taken early next year.''