Indian Bank shares rose on Wednesday after the Chennai-headquartered public sector bank launched a qualified institutional placement (QIP) worth up to Rs 4,000 crore at a floor price of Rs 414.4 apiece. The stock of Indian Bank gained as much as three per cent to Rs 450.7 apiece on NSE, coming within Rs 12.35 of a 52-week high registered in mid-November. The QIP’s floor price implies a discount of 5.2 per cent to the previous close.The company’s board will meet on December 15 to decide on the issue price of equity shares.”Committee of Directors (Capital Raising) (“Committee”) of the Bank is scheduled to be held on December 15, 2023, inter alia, to consider and approve the Issue Price of Equity Shares, to be issued and allotted pursuant to the proposed Qualified Institutions Placement of Equity Shares of Rs.10.00 each, including discount on the Floor Price, if any, calculated in accordance with the SEBI ICDR Regulations and approved by the Shareholders pursuant to a Special Resolution dated June 19, 2023,” the lender said in a regulatory filing.TRENDING NOWNew Zealand’s annual current account deficit $18.7 billionDOMS Industry IPO: Avoid or Subscribe? Check Anil Singhvi’s viewKPIT Tech shares zoom; here’s what’s powering the upmoveFD Rates: RBI has not increased repo rate for a long time, is this the best time to invest in fixed deposits?63% of Indian firms to invest in automation, genAI in 2024: ReportApollo Micro Systems secures multiple orders from Ministry of DefenceHindustan Zinc dividend: Share to trade ex-date tomorrowiQOO 12 launched: All you need to know about India’s first Snapdragon 8 Gen 3 smartphoneZara owner Inditex reports strong holiday sales and lifts margin outlookNMDC, NCL India shares get boost as government may remove custom duty from critical mineralsExplained | Sovereign Gold Bond scheme to open next week: How is issue price calculated? Are these bonds taxable?Anil Singhvi strategy December 13: Important levels to track in Nifty50, Nifty Bank todayMercedes-Benz India to hike prices from January 1Wipro, Cummins, Force Motors, Allcargo Terminals: Stocks to watch on WednesdayMeta expanding fact-checking to Threads ahead of US, India electionsIncorporated on March 5, 1907, with an authorised capital of Rs 20 lakh, Indian Bank commenced its business on August 15, 1907. The bank’s global business crossed Rs 11.33 lakh crore in Q2 FY24.Catch the lateststock market updateshere. For all other news related to business, politics, tech, sports and auto, visitZeebiz.com.