Indian Bank pays Rs 298 cr dividend to govt

Public sector lender Indian Bank today said it has paid Rs 297.87 crore as dividend to the government for the financial year ended March 31, 2011.

The bank paid Rs 257.87 crore as dividend on government equity and Rs 40 crore as return on preference shares for the fiscal year 2010-11, Indian Bank said in a statement.

The public sector lender is also planning to come out with a follow on public offer (FPO) of 6.1 crore shares with the face value of Rs 10 each.

Shares of Indian Bank closed at Rs 213.55, down 1.18% on the BSE.