Volatile debut for Indian Bank

DALAL STREET SPIKES

It was quite a volatile debut for Indian Bank yesterday at the bourses. While it listed at Rs 105 at an over 15 per cent premium to its issue price of Rs 91 it witnessed a low of Rs 77 in the intra-day trading. It finally closed at Rs 98 up 8 per cent over its issue price.

The IPO, which sought to raise funds to augment the capital base to meet the future capital requirements arising out of the implementation of the Basel II standards and the growth in its assets, hit the capital markets in early February.

It evoked considerable interest especially from foreign institutional investors (FII's) and was subscribed over 32 times.