Staff Reporter

Coimbatore: Indian Bank will tap the capital market with an initial public offer of 85.95 lakh shares of Rs. 10 each.

A release from the bank said the price band was fixed between Rs. 77 and Rs. 91 per share and the IPO would open on February 5 and close on February 9.

Post IPO, the Government of India would hold 80 per cent of the public sector bank's equity share capital.

The bank had decided to go in for the IPO to augment its capital base to meet future capital requirements arising out of implementation of the Basel II standards and also to grow its assets. The issue would be listed on the Bombay Stock Exchange and the National Stock Exchange. The book running lead managers to the issue were SBI Capital Markets Limited, Enam Financial Consultants Private Limited, ICICI Securities Limited and Kotak Mahindra Capital Company Limited.