Indian Bk, OBC, Corp Bk, IIFC sign MoU

 Indian Bank will sell 25 per cent of its paid-up equity capital via an initial public offering (IPO) by January, chairman and managing director K C Chakaravarty said.

"We will offer 89 millon shares in the public issue, which is likely to be out by January," Chakravarty said. The float is expected to fetch the bank around Rs 800-1,200 crore.

The bank's paid-up equity capital stands at Rs 343 crore. The book value of the share is Rs 54, and earnings per share stands at Rs 16.