Indian Bank converts PNCPS to equity shares

The Board of Directors of Indian Bank at its meeting held on January 10, 2014, has approved the conversion of the Perpetual Non-Cumulative Preference Shares (PNCPS) (4,00,00,000 Perpetual Non-Cumulative Preference Shares of Rs. 100/- each aggregating to Rs. 400.00 crore), held by Government of India, into such number of equity shares in favour of Government of India pursuant to compliance with Chapter VII of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 and subject to approval of shareholders and other regulatory / statutory authorities. The Board has fixed Extra-ordinary General Meeting of the shareholders of the Bank on February 10, 2014 at 10.00 a.m. at IMAGE Auditorium, MRC Nagar, Raja Annamalaipuram, Chennai - 600 028 for this purpose.

Shares of Indian Bank was last trading in BSE at Rs.107.70, down by Rs.3.05 or 2.75%. The stock hit an intraday high of Rs.111.50 and intraday low of Rs.107.20.

The total traded quantity was 0.52 lakh shares as compared to 2 week average of 0.69 lakh shares.

Source : Equity Bulls

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