Tag: Indian Bank shares

Indian Bank executive director K Ramachandran demits office, BFSI News, ET BFSI

Banking & Finance

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NEW DELHI: Indian Bank on Thursday said K Ramachandran has demitted office as the executive director of the bank post his superannuation.

Ramachandran, executive director of the bank, has demitted office on June 30, 2021, upon superannuation, the bank said in a regulatory filing.

“Accordingly, K Ramachandran has ceased to be the executive director of the bank with effect from July 1, 2021,” it added.

As per the bank website, the board of the Indian Bank consists of the MD and CEO, three executive directors, one nominee director from the government, one nominee director from the RBI and one shareholder director.

In a separate filing to exchanges, Central Bank of India said the tenure of Mini Ipe as the shareholder director has ended on June 30 and Dinesh Pangtey is elected as the shareholder director of the bank, whose tenure commences from July 1, 2021.

Pangtey’s tenure is till June 30, 2024. He is an independent director of the bank, it noted.

He is presently the whole-time director and CEO of LIC Mutual Fund Asset Management.

With a long experience in the field of finance and life insurance, Pangtey earlier held the post of chief executive officer of LICHFL AMC Ltd.



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LIC, SBI Life, Canara Bank pick up stakes in Indian Bank, BFSI News, ET BFSI

Banking & Finance

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NEW DELHI: Life Insurance Corporation (LIC), SBI Life and Canara Bank were among the top investors picking up stakes in Indian Bank under a QIP, according to a regulatory filing.

The country’s largest and the only state-owned life insurer, LIC, picked up 17.80 per cent of the shares issued under the qualified institutional placement (QIP), which closed on Thursday.

It was followed by SBI Life Insurance (11.87 per cent), SBI Mutual Fund and its various schemes (11.87 per cent), Societe Generale and its various schemes (9.74 per cent) and Canara Bank subscribing to 5.93 per cent of the shares offered in the issue, according to the regulatory filing by Indian Bank.

Indian Bank raised a total of Rs 1,650 crore in its QIP of shares, which were issued at Rs 142.15 apiece.

The state-owned lender said it allotted 11,60,74,569 new equity shares to the eligible qualified institutional buyers (QIBs) in the issue that opened on June 21 and closed on June 24.

In March this year, its board’s committee on capital raising had given approval for raising equity capital aggregating up to Rs 4,000 crore through QIP in one or more tranches.

Indian Bank’s shares closed at Rs 148.35 apiece on the BSE, up 0.64 per cent from the previous close.



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