Indian Bank plans to raise around Rs 1,600 crore through a follow-on public offer (FPO), expected by mid-2011. The proposed fund-raising is aimed at supporting the business target of Rs 5 lakh crore by 2015. The bank will dilute around 10 per cent to raise the money. The bank would prepare the draft red herring prospectus in April and hit the market by June. The government holds 80 per cent in the bank.
The bank aims at a share premium of 1,500-1,600 for Tier-I capital and the same can be exploded in Tier-II, and this includes Tier-II bonds. At present, the bank’s Tier-I capital is 10.67 per cent, the bank would pump in further capital by way of profitability. Last year, it pumped in Rs 1,600 crore. By 2015, the bank is looking at an infusion of Rs 12,000 crore, or 12 per cent of the credit, along with the profit. The capital infusion would support the business target of Rs 5 lakh crore, which included Rs 2.20 lakh crore credit and deposits of Rs 2.30 lakh crore.
Total business rose to Rs 1, 67,980 crore, as against Rs 1, 33,987 crore in September 2009, up 25.37 per cent. By 2015, the bank plans to expand the number of branches to 2,500 from 1,804. Also, number of employees will be increased to 25,000 from 19,000. Recently, the bank got a nod from the Central Bank of Srilanka to open a branch in Jaffna, expected around January 2011. With a branch in Colombo, it is planning to add two more in the country. About net non-performing assets, the bank was planning to bring down the gross NPAs to less than one per cent, as against 1.45 per cent in June.
| Company Name | CMP |
|---|---|
| SBI | 812.50 |
| Bank Of Baroda | 240.30 |
| Canara Bank | 99.65 |
| PNB | 100.70 |
| Union Bank Of India | 116.60 |
| View more.. | |
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Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
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The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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