Indian Bank increases authorised capital to Rs 3000 crores

Indian Bank has announced that in exercise of the powers conferred by sub-section (2A) of Section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 / 1980 ("the Act") and on the recommendations of Reserve Bank of India, Government of India has, vide Notification dated November 10, 2009, published in the Official Gazette of India on November 21, 2009, increased the authorized capital of every corresponding new bank under the Act from Rs.1500 crore to Rs.3000 crore.

Accordingly, the Authorized Capital of the Bank stands increased from Rs. 1500 crore to Rs.3000 crore. The Board of Directors of the Bank has, at its meeting held on January 23, 2010, taken on record the increase in the Authorized Capital of the Bank from Rs.1500 crore (Rupees one thousand five hundred crore only) to Rs.3000 crore (Rupees three thousand crore only).

The Stock was trading at Rs.171.55, down by Rs.1.50 or 0.87%. The stock hit an intraday high of Rs.176 and low of Rs.170.70.

The total traded quantity was 63795 compared to 2 week average of 58103.

Source : Equity Bulls

Keywords