Indian Bank IPO likely in 2007

Chennai-based Indian Bank is likely to hit the capital market with an intial public offer next year that may dilute government stake in the bank by 25%.

The bank planned to come out with an IPO by the beginning of 2007, K C Chakraborty, chairman of Indian Bank, said. 

Though how much the bank will raise is not known, the issue is expected to bring down government stake in Indian Bank to 75% from 100% at present.