Indian Bank launches QIP today; floor price at Rs 414.44 per share

Indian Bank has launched its qualified institutional placement (QIP) to raise up to Rs 4,000 crore. The lender's board has set the floor price for the issue at Rs 414.44 per share, a discount of around 5.5% from today's closing price of Rs 437.20 on NSE.

The Indian Bank QIP includes a base issue size of ₹2,250 crore and can be upsized by ₹1,500 crore.

The indicative price at which Indian Bank shares are likely to be placed at QIP may come at ₹394 per share, which will be a discount of almost 5% to the SEBI floor price of ₹414.44 and a nearly 10% discount to Tuesday's closing price of ₹437.20.