Indian Bank Rs 1,600 FPO

Govt-owned Indian Bank has selected dealer bankers for its Rs 1,600-crore follow-on public-issue.

Of the 14 applications it gotten, the South-based bank has assigned SBI Capital Markers , Kotak Mahindra Capital , ICICI Securities and Enam Securities . After the FPO, the government controlling in the bank will happen down to 70% from 80%.

Bank authorities state that the issue would hit the capital market sometime in August. The bank plans to release 6.14 cr shares available from the FPO.

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