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Indian Bank plans IPO next year
New Delhi, June 27: Having turnaround and expecting good results this year also, Indian Bank is planning to come out with an Initial Public Offer in 2004-05 as part of efforts to further strengthening its capital base.
New Delhi, June 27: Having turnaround and expecting good results this year also, Indian Bank is planning to come out with an Initial Public Offer in 2004-05 as part of efforts to further strengthening its capital base.
"We are expecting to go public next year since the bank has to make (net) profit for three consecutive years," Indian Bank chairman Ranjana Kumar said here.
As per Securities and Exchange Board of India (SEBI), an entity can go for an IPO only it posts net profits for three consecutive years.
Asked what would be the size of the public offer and to what extent the Government equity would come down, she said it would be discussed in the Board.
After the successful IPO of car major Maruti, Punjab and Sind Bank had also announced its plans on IPO. In the recent times, Punjab National Bank, Canara Bank and Allahabad Bank had come out with IPOs.
Bureau Report
As per Securities and Exchange Board of India (SEBI), an entity can go for an IPO only it posts net profits for three consecutive years.
Asked what would be the size of the public offer and to what extent the Government equity would come down, she said it would be discussed in the Board.
After the successful IPO of car major Maruti, Punjab and Sind Bank had also announced its plans on IPO. In the recent times, Punjab National Bank, Canara Bank and Allahabad Bank had come out with IPOs.
Bureau Report