Another PSU bank, Indian Bank, is planning to file for Follow-on Public Offer (FPO) with SEBI in July and seeing to hit the market in Aug – Sept.

Indian Bank has earlier informed BSE that the Bank has received the approval of Government of India to raise an additional Equity Capital of Rs. 61.40 crore through book-building process by its Follow-on Public Offer, comprising 6.14 crore Equity Shares of Rs. 10/- each at a premium to be decided by the Bank.

The closing price of the share on May 18th was 220.35 and at this valuation the size of the FPO will be around Rs. 1350 crores or $300M.

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