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Saturday, April 08, 2006

Indian Bank plans IPO in 2007

Indian Bank may go in for an initial public offer, IPO, in January or February 2007, K C Chakrabarty, chairman and managing director, Indian Bank, has said, reports The Hindu Busines Line.

The cabinet approval for writing off its accumulated losses of Rs 3,830 crore (Rs 38.30 billion) against its capital base of Rs 4,574 crore (Rs 45.74 billion) was announced on Wednesday. Chakrabarty said he had not yet received the official communication.

Asked to comment about the approval to convert a portion of its remaining equity capital of Rs 744 crore (Rs 7.44 billion) into preference capital, Chakrabarty said that this could happen only after the passing of banking laws amendment bill in the monsoon session of parliament.

Chakrabarty said that the IPO would happen in the bank's centenary year, which commences on August 15, 2006. He said that the IPO would be timely since some of the pre-IPO costs would be absorbed by the centenary celebrations budget.

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