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Friday, June 23, 2006

Indian Bank to come out with IPO next year

Indian Bank on Wednesday announced that it will come out with an Initial Public Offer some time next year, reports The Economic Times.

"We are on the recovery path. The final punch will come with the IPO next year," bank chairman and managing director K C Chakraborty told reporters.

The bank, he said, would file the prospectus in October or November this year.

"It (Public Issue) will hit the market sometime in 2007," he said, adding, it would be through the book building process.

Asked about overseas expansion, he said the bank was looking at Vietnam and Indonesia but it depended on receiving regulatory approvals.

He said the bank had more than doubled its disbursement to agriculture in two years, as against the three-year period stipulated by the Central government.

It also disbursed educational loans amounting to Rs 260.14 crore (Rs 2.60 billion) during 2005-06 to 24,809 students, which was expected to reach 30,000 this year.

The bank's plan for 2006-07 included 25% rise in net profit, NPA recovery of more than Rs 500 crore (Rs 5 billion) and covering the entire bank by Core Banking Solutions, he said.

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