Indian Bank to sell 25 per cent equity in 2007

Indian Bank is likely to hit the capital market with an intial public offer next year that may dilute Govt stake in the bank by 25%.

Chennai-based Indian Bank is likely to hit the capital market with an initial public offer next year that may dilute government stake in the bank by 25 per cent.

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The bank planned to come out with an IPO by the beginning of 2007, its Chairman KC Chakraborty told reporters.

Though how much the bank will raise is not known, the issue is expected to bring down government stake in Indian Bank to 75 per cent from 100 per cent at present.