Ind bank Merchant Hanking

INCORPORATED as a wholly-owned subsidiary of Indian Bank in 1989, Indbank Merchant Banking (1MB) is engaged in issue management, loan syndication, treasury management, leasing and hire purchase, 0TCEI operations, corporate advisory services, offshore fund management and equity research activities. The company has now received RBI approval to issue equity shares to the public on condition that at no point of me should Indian Bank's holding in the company come below 51 per cent. Out of the Rs 14.4 crore issue of 1MB, which is the first public sector merchant banking company to go public, 1DBI is subscribing to eight lakh shares at a premium of Rs 15 and 48 lakh shares are being reserved for Indian mutual funds and Indian financial institutions. After the issue 75 per cent of the company's Rs 29.4 crore equity will be held by Indian Bank, 1DBI and financial institutions while the balance will be held by the public The company's public issue is slated to open on March 18 and will consist of 1.44 crore equity shares of Rs 10 each at par.