Indusind Bank plans to raise Rs 1,000 cr

The bank is currently evaluating various options like Qualified Institutional Placement, preferential share issue and Global Depository Receipts route for the fund raising but is understood to have more preference towards the QIP route, officials said.

“We plan to raise upto Rs 1,000-crore Tier-I capital in the next 3-4 months,” IndusInd Bank Managing Director & CEO, Romesh Sobti told reporters here.

The proposed capital raising is likely to result in an equity dilution of 8-10 per cent in the bank, which, in turn would help reduce the promoter holding, bank officials said. Promoters presently hold just over 22 per cent in IndusInd bank.

Last fiscal, the bank had raised Rs 580-crore through QIP and Rs 420-crore through bond issue. In 2008, it raised Rs 222 crore through GDR issue and another Rs 146 crore in the previous year through the same route.

The lender posted a 37 per cent jump in its net profits for the quarter ended June 30 at Rs 118.55 crore.

DH Newsletter Privacy Policy Get top news in your inbox daily
Comments (+)