State-owned Indian Bank today said it will raise Rs 280 crore through preferential allotment of shares to the government.
The issue price for the preferential allotment would be Rs 181.31 per share of the face value of Rs 10 each, Indian Bank said in a statement. The bank would issue 1.54 crore fresh shares on preferential basis to the government.
Shares of the bank closed at Rs 173.90 per unit, down 2.14 per cent on the BSE.
The government at present owns 81.51 per cent in the bank. Post allotment, the holding would go up to 82.10 per cent.
General meeting for taking shareholders nod for preferential allotment of shares will be held on March 23.
