"The Board of Directors in its meeting held today approved the proposal to infuse capital to the tune of Rs 280 crore by way of preferential allotment of equity in favour of Government of India," Indian Bank said.
Government of India holds 81.51 per cent stake in Indian Bank, which was established in 1907 as part of the Swadeshi movement.
As part of seeking shareholders' approval, the bank's board has decided to convene an Extraordinary General Meeting (EGM) for obtaining their approval on March 23, it said.
"The bank has posted a net profit of Rs 277.54 crore for the quarter ended December 31, 2014 as compared to Rs 264.50 crore for the quarter ended December 31, 2013," it said.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%