Outcome of 19th Annual General Meeting of the Bank: Proceedings of the meeting and Scrutinizer''s Report regarding results of remote e-voting and e-voting during the AGM
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Indian Bank held its 19th AGM on June 17, 2025, via video conferencing, where all 7 resolutions (6 ordinary and 1 special) were passed with requisite majority. Shareholders approved the audited financial statements for FY2024-25 (99.25% in favour) and declared a dividend of Rs. 16.25 per equity share (162.50%) with June 10, 2025 as the record date. The meeting also approved the appointment of Shri Binod Kumar as MD&CEO for 3 years from January 16, 2025 (98.80% in favour), along with two Part-time Non-Official Directors (Vishvesh Kumar Goel and Balmukund Sahay). A special resolution to raise equity capital up to Rs. 5,000 crore (including premium) through QIP, FPO, or Rights Issue in one or more tranches was passed with 99.93% support. Additionally, M/s Shanmugam Rajendran & Associates LLP was appointed as Secretarial Auditor for a 5-year term (FY2025-26 to FY2029-30) at Rs. 8.5 lakh per year.
Eligible shareholders will receive the Rs. 16.25 per share dividend. The Rs. 5,000 crore capital raise authorization signals potential equity dilution ahead but provides growth funding flexibility, with strong shareholder backing (over 92% on every resolution) indicating confidence in management's direction.