New Delhi, May 8 (PTI) Public sector lender Indian Bank is looking to hire merchant bankers to advise it on a proposed Rs 61 crore follow-on public offer (FPO).
"Indian Bank is planning to come out with an FPO shortly and invites sealed tenders from reputed lead managers for appointment as book running lead managers to the issue," the bank said in a public announcement today.
Last week, Indian Bank said it had received the government's approval to raise additional equity capital of Rs 61.4 crore through the FPO. The bank will come out with the FPO in July or August, 2011.
The bank will sell 6.14 crore shares with a face value of Rs 10 each through the FPO.
The present equity capital of Indian Bank is Rs 429.77 crore, of which 80 per cent is held by the government.